OTP Acquires Serbian Fund Manager

Banking

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.

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