OTP announces deal to set up Chinese JV
Tupungato/Shutterstock.com
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.
Watchdog Fines UniCredit Bank Hungary for Regulatory Shortfa...
Hungary to Address Future of Cohesion Policy During EU Presi...
Cordia’s Marina City Project Begins
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
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.
