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OTP acquires AXAʼs retail, corporate business in Hungary

Competition

jessica fejos

Hungaryʼs OTP Bank has completed the acquisition of Brussels-based AXA Bank Europeʼs retail lending and savings, as well as its corporate business in Hungary, the lender announced late Wednesday, according to Hungarian news agency MTI.

OTP announced in February that it had signed an agreement on the takeover. The purchase price was not disclosed. 

The transaction was cleared by the Hungarian Competition Authority (GVH) in June.

OTP said in February that the deal would boost its mortgage portfolio by almost 25%.

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