Hungary’s OTP Bank has signed a share sale and purchase agreement to acquire Slovenian lender Nova KBM and its subsidiaries.
As agreed, OTP Bank will purchase 100% shareholding of NKBM and its units from European Bank for Reconstruction and Development (EBRD) and funds managed by Apollo Global Management affiliates.
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Currently, the affiliates of Apollo Global Management own 80% in the Slovenian lender and its units. The remaining 20% is with EBRD.
However, the financial details of the transaction were not divulged.
Nova KBM is said to be the second largest Slovenian bank with a market share of 20.5% by total assets. The lender is active in retail and corporate segments.
The deal is expected to close in the second quarter of next year, subject to necessary regulatory approvals.
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By GlobalDataIn a separate statement, Nova KBM also confirmed the deal.
“At present, this has no impact on clients and Nova KBM continues to operate as usual,” it added.
OTP Bank is one of the largest financial service providers in Central and Eastern Europe. It has completed several acquisitions in the recent years to bolster its international footprint.
The lender currently operates in Albania, Bulgaria, Croatia, Romania, Serbia, Ukraine, Russia, Moldova, Montenegro and Slovenia via its subsidiaries.
In November last year, Belgian banking group KBC acquired the Slovakian arm of OTP Bank. The move made KBC Bank the new parent company of OTP Banka Slovensko.
