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OTP submits binding bid for Ukrsotsbank

OTP Bank Rt announced on Tuesday that it submitted a binding bid for a controlling majority stake in Ukraine's Ukrsotsbank.
OTP placed its binding offer after its acquisition team, together with its advisers, completed due diligence on Ukrsotsbank. Hungary’s largest financial institution had earlier declared Ukraine a primary target country in its bank acquisition strategy.
”OTP Bank's presence in Ukraine would not only further strengthen the bank's positions in the Central an Eastern European financial market but would also enhance economic relations between the two countries,” OTP said in a statement.
As September 2005, Ukrsotsbank was Ukraine's fourth largest bank with a market share of 5.1% in terms of total assets, which totalled $1,860.1 million. It had shareholders equity of $186.9 million and after-tax profit of $25.4 million. Ukrsotsbank serves nearly 700,000 clients via 527 branches.