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OTP fails to make it to final Vojvodjanska round

Hungary's OTP Bank Rt is not among the three investors Serbia invited on Friday to submit binding bids for Vojvodjanska banka, Portfolio.hu reported.

The invited banks are Bank Austria Creditanstalt, the National Bank of Greece and Poland's PKO Bank Polski. Non-binding bids were submitted by seven banks, but only these three qualified, said the Bank Rehabilitation Agency, which is selling the state's 99% stake in Vojvodjanska, Serbia's fifth biggest lender by assets.

“The next stage of the tender process begins in the coming weeks with an invitation to selected investors to inspect the bank's business. This stage will be completed with the submission of binding bids in June,” it said.

Based on the strong investor interest, the government hopes Vojvodjanska will fetch a price above 3.3 times its book value of €80 million.