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Hungarian OTP group to buy Croatia's fifth largest bank

Xinhua, December 22, 2016 Adjust font size:

Hungarian OTP Bank is to buy Splitska Banka, increasing its share in the banking market to about 10 percent after the acquisition, local media reported on Wednesday.

OTP's Croatian subsidiary OTP Banka Hrvatska had signed a deal to take over the Splitska Banka, a member of the Societe Generale, with releasing information about the value of the transaction.

With this transaction, OTP Banka Hrvatska would become the fourth largest bank in Croatia with about a 10 percent share of the market, OTP said.

The Croatian Chamber of Commerce described the latest acquisition as the continuation of consolidation of the banking sector in Croatia.

The financial closing of the transaction is expected in the summer of 2017, and it is estimated that the integration process will be completed by summer 2018, reports said.

OTP, the largest Hungarian bank, entered the Croatian market in 2005. OTP Banka Hrvatska became the eighth largest bank on the Croatian banking market after gaining a 98.37 percent share in Banco Popolare Croatia in 2014, reports added.

OTP Banka Hrvatska's assets amounted to 15.9 billion kunas (about 2.2 billion U.S. dollars) at the end of September 2016. Endit