Hungarian banking group OTB Bank has completed its acquisition of Raiffeisenbank Ukraine for a purchase price of E650 million.
The agreement of the 100% sale was signed in June 2006, with Raiffeisen International Bank-Holding and Raiffeisen Zentralbank Osterreich as the sellers.
OTP, which changed its official name to Closed Joint Stock Company OTP Bank recently, holds assets totaling E1.56 billion as of the end of September 2006. OTP said that it expects to consolidate its Ukrainian subsidiary in the fourth quarter of 2006.
Following the closing of the transaction, the Hungarian bank will concentrate on integrating its IT systems, on the introduction of new retail products, on the strengthening of the corporate clientele, and on the intensive development of the branch network. The bank hopes to open around 160 new branches, enabling it to boast a total of 200 branches in two years.