OTP puts up for sale Romanian subsidiary
OTP Bank has officially confirmed, through an announcement made to the bank's directors, that OTP Bank Romania is put up for sale, a process that could take several months. In case the auction is successfully concluded, the transaction would close in a year, sources on the banking market told Ziarul Financiar.
The motivation offered for the bank's sale was "the lack of growth potential through acquisitions on the Romanian market". Also, the sale of OTP Bank is related to the current geopolitical context.
The bank is valued between EUR 300 mln and EUR 400 mln, to which would be added the repayment of the financing lines to Budapest.
OTP Bank's exit reportedly attracted the interest of UniCredit, BCR part of Erste Bank Group, Banca Transilvania, Alpha Bank, and EximBank.
(Photo source: OTP Bank Romania)