Hungarys OTP Bank has announced plans to acquire TAS Commercebank in Ukraine, Concorde Capital reported on...
Hungarys OTP Bank has announced plans to acquire TAS Commercebank in Ukraine, Concorde Capital reported on Tuesday. OTP announced on Monday it bought a 96.4-per-cent stake in Russias Investsberbank for EUR 373 million and confirmed it would pursue a majority stake in a big Ukrainian bank.
Upon successful completion, the deal would be OTPs second on the Ukrainian banking market this year. Recently, OTP bought Raiffeisen Ukraine for EUR 650 million. Later, the bank announced two more local banks were next but no news to this end were made available.
If OTP ends up with a shareholding in TAS, the Hungarian financial institution would become a major player in Ukraine. According to Interfax, OTP is already conducting due diligence at TAS Commercebank.
"The drive by European banks to take leading positions in Ukraines banking sector is far from finished. OTP is one of the strongest banks in Central Europe and relatively cash-rich," Concorde Capital reported.