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OTP submits indicative bid for Panonska Banka

OTP Bank Rt submitted an indicative bid for an at least 87.39% stake in Serbia’s Panonska Banka a.d. Novi Sad to the Serbian Deposit Insurance Agency, OTP said in a stock exchange announcement on Friday.

The bid, which was made after the privatization agency shortlisted OTP for participation in the next round of the sale process, does not entail financial or any other obligations for Hungary’s largest bank, the statement said.
Panonska Banka had equity capital of €32 million on June 30, 2005, giving it a 1.7% market share in Serbia. The bank has roughly 100,000 clients and a nationwide network of 56 branches.