BAKU, Azerbaijan, December 12. The Hungarian OTP Bank and the government of Uzbekistan signed an agreement on the acquisition of 100 percent of the shares of Ipoteka-Bank owned by the Uzbek Ministry of Finance, Trend reports via the Uzbek Ministry of Investments and Foreign Trade.
OTP Bank will acquire the shares in two phases: 75 percent of the shares now and the remaining 25 percent three years after the financial close of the first transaction, which is scheduled for the first half of 2023.
OTP Bank was founded in 1994. In 2006, the bank joined the OTP Group, one of the largest banking groups in Europe. OTP Group currently operates in 11 European countries, providing universal financial services to almost 16 million customers.
Negotiations on the acquisition of Ipoteka-Bank by the Hungarian side began at the end of 2020.