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Julius Baer may up OTP stake

The New York-based Julius Baer Investment Management LLC may further increase its stake in the Hungarian bank OTP as, in its Thursday’s decision, financial market regulator (PSzÁF) allowed the Swiss property management company to obtain a stake exceeding 10% but no more than 15% in the bank.

OTP’s general meeting cancelled the 10% general property acquisition limit two years ago, then this spring, the 50% limit concerning all foreigners. According to Julius Baer Investment’s flash report published in June, the company already had 16,563,000 OTP shares, i.e. 5.9%, which the company increased to around 10% in the past few weeks. Upon receiving clearance from PSzÁF, the company may purchase further OTP shares as it was reflected in the market reaction: as opposed to Wednesday’s closing price of Ft 9,000, the price of OTP shares reached Ft 9,450 on Friday. (Napi Gazdaság)