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OTP reportedly signs preliminary agreement to acquire an Azeri bank

Hungary’s OTP Bank has signed a preliminary agreement to acquire one of the five biggest banks in Azerbaijan, the website (Azerbaijan Business Center) announced.

According to the website, OTP Bank would buy a 51-100% stake in the unnamed Azeri bank. OTP Bank has said that it plans to expand in Russia and in other countries of the former Soviet Union, such as Azerbaijan.

OTP Vice President László Urbán said at a press conference on August 14 that the bank’s further acquisitions would be covered by selling its Serbian and Slovakian units and OTP’s insurance arm OTP Garancia. Urban added that it had become more difficult to get the external financing necessary for developments due to the global credit crisis. (MTI-Econews)