OTP Bank group plans to buy Croatian bank
Hungary’s OTP group plans to acquire yet another bank in neighboring Croatia, which would make it the second biggest player in the banking sector in the country
Hungary’s OTP Group plans to acquire yet another bank in neighboring Croatia, which would make it the second biggest player in the banking sector in the country.
According to Origo.hu, the two likely targets are either the Croatian arm of Raiffeisen Bank or the Croatian operation of Addiko Bank.
According to reports, Addiko Croatia has a value roughly equal to its capitalization of EUR 400 million (US$447 million) while Raiffeisen Croatia is valued at around EUR 600 million (US$670 million).
In the past four years, OTP Group has had the most acquisitions among all banks in the Central European region, buying five other operations.
Besides its home market, the Hungarian OTP Group currently operates in eight countries of the region via its subsidiaries in Bulgaria (DSK Bank), Croatia (OTP banka Hrvatska), Romania (OTP Bank Romania), Serbia (OTP banka Srbija), Slovakia (OTP Banka Slovensko), Ukraine (OTP Bank JSC), Montenegro (Crnogorska komercijalna banka) and Russia (OAO OTP Bank).