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OTP requests postponement regarding Uzbek acquisition

Banking

Image by Adriana Iacob / Shutterstock.com

OTP has requested a two-to-three month postponement from Uzbekistan in connection with the acquisition of Ipoteka Bank, according to profitline.hu.

The contract was ready to be signed when the Ukrainian war broke out, OTP chairman and CEO Sándor Csányi told Bloomberg.

Most analysts did not anticipate this acquisition, while investors, in general, are less satisfied with the expansion in the East. Since the start of the war, it has been evident that this type of expansion is likely to be canceled or frozen, so the news should not affect the value of the stock, the financial news wire said.

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