OTP Bank submits bid to buy majority stake in Ukrsotsbank

MNB

OTP Bank Rt submitted a preliminary bid for a majority stake in Ukrsotsbank as it continues to expand in the region, the bank announced on Budapest Stock Exchange (BÉT). OTP didn't say how much of the Kiev, Ukraine-based Ukrsotsbank it wants to buy. Ukrsotsbank had total assets of €1.6 billion ($1.8 billion) as of June 30, 2005. Moody's Investors Service rates the borrower at B2, while Fitch Ratings and Standard & Poor's rate it B-, Budapest-based OTP said in the statement.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Finance