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OTP Bank May Buy Montenegro's Largest Lender

OTP Bank Nyrt. may buy Montenegro's largest lender, Crnogorska Komercijalna Banka, for about 100 million euros ($125.7 million), Vijesti newspaper reported on its Web site, citing no one. A preliminary agreement has been signed and the sale is expected to be finished by the end of the year, Vijesti reported. The Montenegrin lender is 22 percent owned by Dutch Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV and 21.7% by DEG Deutsche Investitions - and Entwicklungs-Gesellschaft mbH, Vijesti said. OTP Bank, Hungary's former monopoly, has spent $2 billion expanding in eastern Europe in the past six years to become the region's largest lender. Chairman Sándor Csányi plans to spend a total of 1.1 billion euros to expand before the end of July as he seeks to counter slowing loan demand in Hungary. (Bloomberg)