Hungarian OTP bank bought Niška banka, further expansion in Serbia to follow

OTP bank has become the owner of 89.39% of assets of Niška banka, the biggest regional bank in the south of Serbia, for €14.21m, which is 1.3 times higher price than the nominal one. The buyer obliged to purchase all offered stocks of minor stockholders at price that is not lower than the one already reached. The bank from Hungary will now try to buy Panonska banka and Vojvođanska banka, because its plan is to have 5-10% of banking market in Serbia in 3 years. The plan is that, with the investment of €20m, OTP bank opens another 30 offices in addition to existing 24 offices and branches of Niška banka.

There are announcements about famous OTP’s stocks related to sale of automobiles, which were hit in Hungary, Croatia, Slovakia, Bulgaria and Romania.