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.

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