OTP Bank expanding in Serbia
The Serbian subsidiary of Hungaryʼs OTP Bank, OTP banka Srbija a.d. Novi Sad, has signed an agreement to purchase 100% of Serbiaʼs Vojvodjanska banka a.d. (Voban) and NBG Leasing d.o.o., as well as certain other Serbian exposures held by the National Bank of Greece S.A., according to Hungarian news agency MTI.
As OTP Bank announced on Friday, the agreed purchase price is EUR 125 million. The financial closing of the transaction is expected to be completed by the end of 2017.
Voban is the ninth biggest player on the Serbian banking market and, as a universal bank, has also been active in the retail and corporate segments. As a result of the acquisition, the OTP Groupʼs Serbian market share will rise to 5.7%, making it the seventh largest bank in the country.
OTP Bank has been present in Serbia since 2005.
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