Hungary’s OTP Bank is planning to buy a Polish bank with strong online banking knowledge and use its technological expertise trim costs.
OTP reportedly plans to buy Poland’s FM Bank, which at present is owned by a Luxembourg-registered private-equity fund Abris Capital Partners.
Media reports suggest that Abris wants to select a bidder for exclusive talks by the end of October.
The move follows the record loss OTP posted in the second quarter. It has set aside $893m in provisions for charges on loans deemed unfair by the government in Hungary.
The lender has units in nine countries in central and eastern Europe, and its Russia and Ukraine divisions have suffered from the result of the conflict between the two countries.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
