OTP inks purchase of AXA’s Hungarian unit

Food

Wikimedia Commons: Christos Vittoratos

Hungarian OTP Bank said on the official website of the Budapest Stock Exchange that it had signed an agreement with AXA Bank Europe SA to purchase the business unit of AXA Bank Hungary, Hungarian news agency MTI reported today.

(Photo: Wikimedia Commons/Christos Vittoratos)

Under the agreement, the Hungarian bank will take over the corporate portfolio of the bank, as well as employees, credits and savings, MTI reported. OTP expects its mortgage portfolio to increase by approximately 25% with the purchase, according to the statement.

After receiving all supervisory approval, the company expects the takeover to be wound up by the end of the year, MTI reported. OTP did not disclose the purchase price in the statement.

Retail-focused AXA Bank has been present in Hungary since 2009, MTI said.

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