The sale of 100% stakes in OTP Bank Romania and OTP Leasing Romania was financially closed, according to a report by state news wire MTI.
However, the close of the sale of the third unit in the transaction, OTP Asset Management, will take place later, pending regulatory clearance.
OTP announced the agreement on the sale of the three businesses in February, for a consideration of EUR 347.5 million, the report added.
The Hungarian lender noted that the sale price was smaller than the net asset value of the subsidiaries recognized in its consolidated accounts, resulting in a negative HUF 59.5 billion consolidated P+L impact which was booked in Q4 2023.
Back in February, when the Budapest Business Journal first reported the details of the sale, OTP said that, as a result of the divestment, OTP’s consolidated capital adequacy ratio is expected to improve by 52 bp.
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