Equity
Hungary OTP pulls out of bidding for Poland's FM Bank - source
Polish financial watchdog KNF ordered Abris to sell FM Bank by April because it said Abris had not met its commitments as an investor. The watchdog said Abris did not consult with it on the choice of chief executive for the bank.
Abris disputes that it did anything wrong and sued Poland for at least 2 billion zlotys (USD 553.40 million), alleging it would incur losses from the state's action to force it to sell the bank.
Abris and OTP declined to comment.
OTP was interested in FM Bank, which has a book value of PLN 300 million and an innovative internet banking business, to expand its online banking business, a source close to the deal told Reuters last year.
It is not clear why OTP decided to pull out of the talks.
Beside OTP, Polish mid-sized banks Alior Bank and BOS Bank, and private equity firm AnaCap Financial submitted offers to buy FM Bank, several sources said. Abris rejected a bid from BOS in December.
Abris disputes that it did anything wrong and sued Poland for at least 2 billion zlotys (USD 553.40 million), alleging it would incur losses from the state's action to force it to sell the bank.
Abris and OTP declined to comment.
OTP was interested in FM Bank, which has a book value of PLN 300 million and an innovative internet banking business, to expand its online banking business, a source close to the deal told Reuters last year.
It is not clear why OTP decided to pull out of the talks.
Beside OTP, Polish mid-sized banks Alior Bank and BOS Bank, and private equity firm AnaCap Financial submitted offers to buy FM Bank, several sources said. Abris rejected a bid from BOS in December.
