Hungarys OTP Bank expected to form a consortium to make a bid on BAWAG

14. Juli 2006, 00:00

Budapest-based OTP Bank is among the fifty potential bidders that received the information package on the...

Budapest-based OTP Bank is among the fifty potential bidders that received the information package on the upcoming sale of troubled Austrian bank BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft AG). OTP is expected to form a consortium to make the bid, following Banco Intesa, which allready bid in consortium with Insurance firm Generali.

This would be OTPs first purchase on the West European market. Until now, OTP made several acquisitions in East European countries and considering the acquisition budget of the bank, it is unlikely that they can afford to bid for BAWAG.

Its acquisitions budget running dry, OTP Bank can only rely on partners of solid financial health to place a competitive bid. This would make the OTP the first Hungarian bank to make an acquisition on the West European market.

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