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.