OTP Acquires Serbian Fund Manager
Photo by BalkansCat / Shutterstock.com
OTP Bank's fund manager, OTP Alapkezelő, and its Serbian unit OTP Bank Srbija have acquired Serbian fund manager Ilirika DZU from the Ilirika group, Hungary's biggest commercial lender said on Wednesday, according to a report by state news wire MTI.
OTP did not disclose the transaction price.
The acquisition will support the group's private banking and investment services strategy, OTP said.
The fund manager, to be renamed OTP Invest, could become a leading player on the local investment market within five years, it added.
Serbia's investment market stands at EUR 500 million-600 mln at present.
OTP's Serbian unit is the country's second-biggest lender with total assets of EUR 6.9 billion.
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.