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OTP in bid for privatized Croatian bank

Deals

Hungary’s biggest lender OTP is among the companies looking to bid in the privatization of Croatia-based Hrvatska Poštanska Banka and national insurance company Croatia Osiguranje, Croatia’s post bank and insurance company.

Earlier reports say OTP has Erste Bank and Splitska Banka as its competitors. Local paper Globus said OTP’s offer is in the range of €92 million to €118 million, lower than the €130 offered by Erste.

Based on balance sheets, if OTP were declared the winner, it would create the fifth-largest bank in Croatia, replete with positions in the country’s lucrative beachside townships as well as on the mainland.

Update: News service MTI reported just past noon CET today that OTP has named as one of two potential buyers, along with Erste Bank, selected by the Croatian government to bid in the Poštanska Banka.

According to MTI, the two entities now have one month to submit offers for the Croatian state’s 99.13% stake in the bank.

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