OTP Bank acquires Vojvodjanska Bank

The National Bank of Greece (NBG) and OTP Bank Serbia have signed a contract stipulating the sale of Vojvodjanska Bank, NBG Leasing and other companies operating under NBG in Serbia to OTP.

OTP will pay 125 million EUR for Vojvodjanska Bank and NBG Leasing, and once the acquisition is completed the Hungarian bank will have had a 5.7% market share in Serbia and thus become the seventh biggest bank here.

“Our strategic goal is to increase our market share in the countries in which we operate. After successful realized acquisitions in Croatia and Romania, this is a third acquisition that we did in the last few months. The financial part of this transaction will be executed after all the required approvals have been made which we expect to happen by the year end”, said Laszlo Wolf, Deputy CEO of OTP Bank Hungary.

“With this acquisition, OTP’s presence in Serbia is further solidified, and it also ensures long-term profitability of our bank”, added Predrag Mihajlovic, head of OTP Serbia.

With a market share of 4.2%, Vojvodjanska Bank is the ninth biggest bank in Serbia with a substantial base of retail clients. In 2016, the bank’s total assets stood at 1,173 million EUR, with the total value of approved loans of 810 million EUR. In the last two years, the bank had a 1.9% and 2.3% return on equity (ROE) respectively.

Vojvodjanska Bank currently has 1,405 employees, 105 branch offices and 138 ATMs.

(Nova Ekonomija, 06.08.2017)



This post is also available in: Italiano

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