OTPʼs Croatian subsidiary buys local peer
LaMography/Moni Lazar
OTP banka Hrvatska, the Croatian subsidiary of Hungaryʼs OTP Bank, has signed an acquisition agreement on fully purchasing Splitska banka, a member of the French Société Générale Group, OTP Bank said in a Wednesday announcement on the Budapest Stock Exchange, Hungarian news agency MTI reported.
(Photo: Moni Lazar/LaMography)
Société Générale Splitska is the fifth biggest player on the Croatian banking market and, as a universal bank, has been active in both the retail and corporate segments.
As a result of the acquisition, the market share of the OTP Group in Croatia will rise to approximately 10%.
The financial closure of the transaction is expected in summer 2017, and the integration process may be completed by summer 2018.
OTP Bank has been present in Croatia since 2005.
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