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OTP buys Ukraine's Raiffeisen

Retail bank OTP Bank Rt concluded a purchase agreement in Vienna yesterday for the acquisition of a 100% stake in Raiffeisenbank Ukraine (RBUA), the bank announced.

The €650 million purchase agreement was signed for OTP by Chairman and CEO Sándor Csányi and Deputy CEO László Wolf, and for Raiffeisen International Bank Holding AG by CEO Stepic Herbert.
Based on its total assets of €1.2 billion at the end of 2005, RBUA has a market share of 3.6% and is Ukraine's seventh largest bank. The bank had shareholders' equity of €139 million at the end of 2005 and had a pre-tax profit of €39.7 million last year.
The closing of the transaction and the transfer of the purchase price are expected in September.