OTP Could Announce Uzbek Acquisition Soon - Orbán

Banking

Photo by Jessica Fejos

Prime Minister Viktor Orbán said OTP Bank, Hungary's biggest commercial lender, could announce soon the acquisition of a lender in Uzbekistan in a video message posted on Facebook on Thursday, according to a report by state news wire MTI.

Orbán posted the video from Samarkand, where he met with government leaders ahead of a summit of the Organization of Turkic States.  

"We discussed business opportunities with the Uzbek president and government. We've come close to [an arrangement] allowing OTP to announce soon the acquisition of a significant Uzbek bank," Orbán said.

"Announcements concerning the pharmaceutical industry can also be expected, on production bases that could be set up here and the start of investments" he added.

Orbán said the sides could reach agreements in the afternoon on matters involving water management, the food industry, and nuclear energy.

OTP Bank signed a memorandum of understanding on the potential acquisition of a majority stake in Uzbekistan's state-owned Ipoteka Bank a little more than a year ago.

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