OTP submits intent to buy Vojvodjanska Banka
Tuesday, November 8, 2005, 10:43
OTP Bank Rt, Eastern Europe's largest lender by market value, said it submitted a letter of intent to buy Vojvodjanska banka a.d. Novi Sad, less than a month after offering to buy another Serbian lender. Budapest-based OTP submitted a letter to Serbia's Deposit Insurance Agency by yesterday's deadline to buy a 99% stake in Vojvodjanska banka, the Hungarian company said in a stock exchange statement today. OTP CEO Sándor Csányi has spent more than $850 million in the past six years buying banks in neighboring countries to boost sales as its domestic market growth slows. Vojvodjanska banka is the second Serbian lender OTP wants to buy after offering to purchase Niska banka a.d. Oct. 24.
OTP set Serbia as one of the target countries in its acquisition strategy, the bank said in the statement, adding it will examine all worthy expansion opportunities abroad.