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Azerbaijan's Unibank named as OTP acquisition target

Deals

“Hungarian OTP Bank is a potential purchaser of the stocks of Azerbaijani Unibank,” head of the European Bank for Reconstruction and Development's Baku Office Francis Delaey told TrendCapital, an Azeri website.

European Bank for Reconstruction and Development (EBRD) owns 15.2% of Unibank.

“There are talks going on buying a bank in Azerbaijan,” the vice CEO of OTP Bank, László Urbán told Econews. If the talks lead to an agreement, OTP Bank will inform the investors and the general public, the OTP vice CEO added.

EBRD's Baku representative also said: “Our strategy aims to sell our shares in banks and companies five or seven years after purchase. It is not the time for Unibank, but our key goal at the moment is to find a strategic purchaser.”

Previously, a Unibank shareholder told TrendCapital that EBRD was considering an opportunity to leave the bank within 1-2 years.

Unibank is the second largest private bank in Azerbaijan, which held 6% of Azerbaijani banking system’s assets and 5% of retail deposits at the end of the first quarter of this year. The bank is the market leader in automobile and mortgage crediting. (MTI – Econews)

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