Groupama to part with 3% stake in OTP Bank

Deals

jessica fejos

French-owned Groupama on Wednesday said it has launched the sale of 8,260,000 shares in OTP Bank, Hungaryʼs biggest commercial lender, Hungarian news agency MTI reported.

Groupama is selling the roughly 3% stake in OTP through an institutional private placement by way of an accelerated book building. The results of the private placement will be announced after the close of the book building.

After the private placement, Groupama will hold, directly or indirectly, about 14,140,000 OTP Bank shares, or 5% of share capital.

Groupama acquired its 8% stake in OTP Bank as part of a strategic partnership announced early in 2008.

“Groupama will remain a significant shareholder of OTP Bank and maintain its representation at the board of OTP Bank. In addition, Groupama will keep a strong business relationship with OTP Bank through their exclusive banking partnership which covers nine countries in Central and Eastern Europe,” Groupama said.

Groupama added that it has entered into a lock-up undertaking with the banks managing the placement relating to its remaining stake in OTP Bank for a minimum period of 180 days.

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