OTP potentially acquiring majority stake in Ipoteka Bank

Banking

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OTP Bank said yesterday that it signed a non-binding memorandum of agreement regarding the potential acquisition of the majority stake of Ipoteka Bank and its subsidiaries with the Ministry of Finance of the Republic of Uzbekistan, according to azuzlet.hu.

Ipoteka Bank is the fifth-largest bank in Uzbekistan, with a market share of 8.5% based on total assets at the end of July 2021, with more than 1.2 million retail customers and a large corporate clientele.

OTP said the terms and conditions of the purchase of the bank would be stipulated in the final share sale and purchase agreement, which the parties are set to conclude before the end of the year.

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