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OTP Bank acquires 100% of property fund manager unit

OTP Bank has acquired 100% of property fund manager unit OTP Real Estate Fund Manager as of March 29 through the purchase of a 49% stake held by Sinvest Trust, OTP Bank said on the Budapest Stock Exchange website on Tuesday.

OTP said in January it had acquired 100% of Sinvest Trust, by exercising it June 2009 purchase rights, as well as a 49% stake in OTP Real Estate Fund Management held by Sinvest Trust, on January 25, 2010.

The bank paid for Sinvest Trust in January 2010, and paid the price of the OTP property fund manager shares on March 29. (MTI-Econews)