Leading Hungarian Bank Expands into Uzbekistan

2022. december 14.


OTP Bank is to acquire the Uzbek Ipoteka Bank; the contract for the acquisition was signed by the two parties on Monday. Ipoteka Bank is currently owned by the Uzbek Ministry of Finance.

Leading Hungarian bank OTP will acquire 100 percent of the shares owned by the Ministry of Finance (nearly 97 percent of the total stake) in two stages: 75 percent of the shares now and the remaining 25 percent three years after the financial close of the first transaction. The financial closing of the first transaction is expected to take place in the first half of 2023.