OTP announces deal to set up Chinese JV

Banking

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OTP Bank, Hungary's biggest commercial lender, on Friday said it agreed with partners to establish a consumer finance joint venture in China, according to a report by state news wire MTI.

OTP would hold a 15% stake in the JV.

The transaction is expected to close in Q4 2022, pending approval by Chinese and Hungarian authorities. OTP noted that the National Bank of Hungary granted preliminary authorization for the establishment of the JV in April.

OTP chairman-CEO Sándor Csanyi said in October the lender was weighing a partnership with a business that offers consumer credit in China.

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