OTP bank acquires Kulska banka

Food

OTP Bank Nyrt, a Hungarian lender that's spent $2.4 billion expanding in eastern Europe the past five years, said it bought Kulska banka a.d. Novi Sad to expand its Serbian business. Budapest-based OTP will pay €118.6 million o buy 67% of Kulska banka, the Hungarian lender said in a statement to the Budapest Stock Exchange. OTP expects to close the transaction in October. The Hungarian lender is expanding in eastern Europe to counter slowing growth at home amid competition from rivals like Austria's Erste Bank AG. It bought a Russian lender earlier this week, seeking to tap markets where economies and lending demand grow faster than in western Europe. OTP expects the Serbian banking system to have significant growth potential. They predict that the lending activity of banks will increase in the future.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.