OTP Bank submits bid for Ukrsotsbank
Thursday, December 8, 2005, 09:04
OTP Bank Rt announced yesterday it has submitted an indicative, non-biding offer for a majority stake in Ukraine's Ukrsotsbank. The offer is in line with OTP Bank's plans to strengthen its position in the region, bringing it closer to its goal of becoming a dominant player on Central and Eastern Europe's banking market. Ukrsotsbank has a 5.2% share of Ukraine's market in terms of total assets, making it the country's fourth-biggest bank. OTP Bank's offer for Ukrsotsbank comes just a week after it lost a bid for UkrSibBank, Ukraine's country's fifth-biggest bank, to France's BNP Paribas.