Hungarian OTP Bank became the main owner of Ipoteka Bank
Economy
Hungarian OTP Bank has closed the first stage of the purchase of Uzbek Ipoteka Bank, having bought 73.41 percent of the shares of the organization. The deal is valued at $ 324 million, which is the largest transaction in Uzbekistan in recent years.
Today, on June 13, the first stage of the purchase of Ipoteka Bank was completed - OTP Bank bought 75 percent of the shares of Ipoteka Bank owned by the Ministry of Economy and Finance of Uzbekistan, the press service of the Uzbek bank reported. The remaining 25 percent will be redeemed within 3 years.
Ipoteka Bank has a 7.6 percent share of the banking market in terms of mortgage banking assets and about 1.5 million retail customers, the report says.
As a result of the transaction, OTP Bank became the main shareholder of Ipoteka-Bank with a 73.41 percent stake and the indirect owner of the Ipoteka-Leasing and Imkon-Sugurta companies providing insurance services.
For reference, the transaction is valued at $ 324 million, while it is still unknown whether the specified amount is due for 75 percent or 100 percent of the bank's shares.
Ipoteka Bank has a 7.6 percent share of the banking market in terms of mortgage banking assets and about 1.5 million retail customers, the report says.
As a result of the transaction, OTP Bank became the main shareholder of Ipoteka-Bank with a 73.41 percent stake and the indirect owner of the Ipoteka-Leasing and Imkon-Sugurta companies providing insurance services.
For reference, the transaction is valued at $ 324 million, while it is still unknown whether the specified amount is due for 75 percent or 100 percent of the bank's shares.
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