Portugal-based Banco Comercial Português (BCP) or Millennium BCP has signed an agreement to divest its Romanian banking business Banca Millennium to Hungary’s OTP Bank, in a transaction valued at approximately €39m ($52m).

Millennium Bank serves nearly 80,000 clients through a network of 56 bank branches and 58 ATM’s.

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Following completion of the transaction, OTP Bank Romania’s clientele will increase to approximately 400,000, with 150 branches and over 160 ATM’s in the country.

OTP Bank Romania CEO Laszlo Diosi was quoted by Business Review as saying that discussions between OTP and Millennium started in October 2013.

"Acquiring Millennium is a wonderful opportunity, hopefully not once in a life time, but it does represent a huge step in our attempt to reach a market share of 5 percent."

"It is medium term objective, in 5-10 years, which we can achieve only through acquisitions. Through organic growth it would be very difficult."

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The transaction is subject to regulatory approvals.