Hungarian group OTP Bank will give up its plan to buy Romanian lender Banca Romaneasca from National Bank of Greece (NBG), the group announced on Thursday, April 19.
The decision comes after Romania’s National Bank (BNR) didn’t approve the transaction between OTP and NBG, signed in July 2017.
In March this year, BNR announced that it didn’t approve the Banca Romaneasca takeover by OTP, an unprecedented decision. The central bank didn’t make public the motivation of this decision. OTP initially challenged BNR’s decision but cancelled its action on April 18, according to the group’s announcement.
OTP plans to increase its market share in Romania.