Hungarian watchdog OK?s Nova Banka deal
Monday, January 31, 2005, 00:00
The State Financial Institutions Supervision (PSzÁF) approved OTP Bank Rt?s acquisition of a 95.59% stake in Croatian commercial bank Nova Banka d.d., PSzÁF said. The approval was required as OTP?s stake in the bank will exceed 75%. The agreement was signed on Dec. 7 with plans to close the deal in early March inasmuch as the Croatian financial supervision also grants its approval. OTP paid Euro 236 million for Nova Banka, which is justified by the current market value of the Croatian bank, its future potential and favorable local market conditions in general. Nova Banka is Croatia?s seventh largest bank with over 300 retail and corporate customers. Most of its 92 branches are located at the Adriatic seaside.