Hungary's OTP Acquires BPC In Croatia
- 4 Feb 2014 8:00 AM
OTP has signed an agreement to buy Banco Popolare’s Croatian subsidiary (BPC) for HRK107 million, (Ft 4.4 billion) the bank announced on Friday. BPC’s market share is only 0.6% overall, but is over 2% for consumer loans. The bank has 54,000 clients, 30 branches and 30 ATMs.
After the acquisition, OTP will have 130 branches, 250 ATMs and some 440,000 clients in Croatia.
BPC lost nearly HRK10 million in the first three quarters of 2013, after profits of HRK93,000 in 2012 and HRK10.9 million in 2011.
OTP will continue to look for acquisition targets in the region that could strengthen shareholder value, vice-president László Wolf said.
Source: Hungary Around the Clock
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
LATEST NEWS IN business