Hungarian OTP Bank invested additional $70m in Ipoteka Bank
Economy
The deal with the Uzbek bank led to an increase in the Hungarian group's share in its authorised capital. It is now close to 80%.
According to the press service of Ipoteka-bank, Hungarian OTP Bank bought 75% of shares of the largest provider of financial services in Uzbekistan - Ipoteka-bank, owned by the Ministry of Economy and Finance of the Republic of Uzbekistan. The additional capitalisation amounted to approximately $70 million. As a result of the direct investment, OTP Bank's share in the authorised capital of Ipoteka Bank increased from 75% to 79.6%.
A block of 844.63 billion ordinary shares was issued and placed in Hungarian OTP Bank in accordance with the terms of the purchase and sale agreement between the two parties.
The bank's total authorised capital reached 3.83 trillion sums, an increase of 28.3%. This is expected to have a positive impact on strengthening the bank's position in the national financial services market.
A block of 844.63 billion ordinary shares was issued and placed in Hungarian OTP Bank in accordance with the terms of the purchase and sale agreement between the two parties.
The bank's total authorised capital reached 3.83 trillion sums, an increase of 28.3%. This is expected to have a positive impact on strengthening the bank's position in the national financial services market.
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