Equity
Hungary OTP completes acquisition of Serbian bank
- 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.
