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OTP submits bid for Montenegro's Crnogorska banka

OTP Bank Nyrt, the Hungarian lender that's spent more than $2 billion expanding in Eastern Europe, a binding bid for the purchase of a majority, at least 80% shareholding in the Montenegrin Crnogorska komercijalna banka AD (CKB), Montenegro's biggest bank, to grow in the Balkans. Budapest-based OTP said it submitted the binding offer after studying Crnogorska's books, according to a Budapest Stock Exchange (BÉT) statement on Friday. The Hungarian bank didn't say how much it offered for the Montenegrin lender. The bank is the most dominant player of the Montenegrin banking sector, with its market share exceeding 43% based on its total assets of €303.7 million at the end of 2005, OTP said in the statement. The binding bid was submitted after OTP Bank’s acquisition team, together with the legal advisor Berecz&Andrékó Linklaters and financial auditor Deloitte Touche Tomatsu carried out a due diligence on CKB. (Bloomberg, bet.hu)