ADVERTISEMENT

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%.

ADVERTISEMENT

Varga: Q1 growth demonstrates ability 'to withstand crisis' Analysis

Varga: Q1 growth demonstrates ability 'to withstand crisis'

Parl't elects Orbán prime minister Parliament

Parl't elects Orbán prime minister

New managing director at LG Electronics Hungary Appointments

New managing director at LG Electronics Hungary

Budapest bike-sharing scheme expands in District XI City

Budapest bike-sharing scheme expands in District XI

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.