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OTP buys majority stake in Serbia's Zepter banka

OTP Bank Rt will acquire a 75.1% stake in privately owned Belgrade-based Zepter banka a.d. for $41.305 million (roughly Ft 9 billion) under an agreement signed on March 31, 2006, OTP announced on Monday.

The sales contract was signed by OTP deputy CEO László Wolf, director for acquisitions Miklós Németh and by Philip Zepter on behalf of the sellers. The closing of the transaction will happen after the receipt of the necessary regulatory approvals, OTP said.
OTP submitted a binding bid for Zepter Banka on February 24. Based on its end-2005 total assets of €76.70 million, Zepter banka has a nearly 1% share on the Serbian market. The bank’s shareholders equity was €16.5 million at the end of last year, and it posted after-tax profit of €0.62 million in 2005.
The bank serves its 52,000 clients via 17 branches, including six in Belgrade. OTP Bank is already present in Serbia and Montenegro with Niska Banka, the acquisition of which was closed on early March.