Hungary OTP completes acquisition of Serbian bank

December 4, 2017, 3:02 pm  english version Hungarian version  
OTP Bank has completed the acquisition of Vojvodjanska banka in Serbia, Hungary’s largest lender has announced on Monday.

  • The financial closure of the transaction has been completed on 1 December 2017, based on the acquisition agreement on purchasing 100% shareholding of Serbian Vojvodjanska banka a.d. (VOBAN), NBG Leasing d.o.o. and certain other Serbian exposures.
  • The assets were sold to OTP banka Srbija a.d. Novi Sad, the Serbian subsidiary of OTP Bank ,on 4 August 2017 by the Group of the National Bank of Greece S.A. (NBG).
  • According to end of 2016 data, VOBAN was the 9th biggest player on the Serbian banking market and as a universal bank it has been active both in the retail and corporate segment.
  • As a result of the acquisition the Serbian market share of OTP Group rose to 5.7%.
  • The merged bank will be the 7th in Serbia by size of assets.
  • The integration process is expected to be completed in 2Q 2019. OTP Bank has been present in Serbia since 2005.
  • Click here for more details about the acquisition.

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