OTP Puts Romanian Subsidiary up for Sale
Hungarian lender OTP Bank has officially confirmed, through an announcement made to the bank's directors, that OTP Bank Romania is being put up for sale, a process that could take several months.
If the auction is successfully concluded, the transaction will close in a year, sources on the banking market told Romanian financial newspaper Ziarul Financiar, as quoted by romania-insider.com.
The motivation for the bank's sale was "the lack of growth potential through acquisitions on the Romanian market."
OTP Bank Romania is valued at EUR 300 million-400 mln, to which would be added the repayment of the financing lines to Budapest.
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