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New Bank Acquisition

OTP Group: New Bank Acquisition

Belgrade, 12 June 2015 – OTP banka Srbija has signed an agreement with the Italian specialist bank Findomestic Banca S.p.A regarding the purchase of 100 percent of the shares of Findomestic Banka of Serbia.
Findomestic Banka a.d. Beograd is a stable, retail-oriented bank, which ranks 21st on the Serbian banking market with a 0.5 percent market share. The transaction will increase the current 1.4 percent market share of OTP banka Srbija to 1.9 percent, which is another step towards achieving its optimum market size. The national network of Findomestic Banka consists of 26 branches, 7 of them located in Belgrade, and the total number of its customers is close to 90,000.

As a result of the transaction, the branch network of OTP banka Srbija will increase primarily in Belgrade and the total number of its clients exceed 200,000. “Although to a smaller extent, this acquisition further strengthens OTP Bank’s presence in Serbia, and more specifically in Belgrade, and thereby support the bank in achieving long-term profitable operation,” said Imre Bertalan, CEO of OTP banka Srbija. “We primarily wish to expand our retail operations, more specifically POS payments, credit cards and electronic services. We hope that the over 65,000 retail customers of Findomestic Banka will be satisfied with the services offered by OTP banka,” he added.“OTP banka Srbija has continuously progressed in recent years and even reported a modest profit for last year. We expect this positive trend to continue and this aim is effectively supported by the current acquisition,” said László Wolf, Deputy CEO of OTP Bank. “Our strategic objective is to increase our market share in countries where we are already present. After Croatia and Romania, this is our third bank acquisition in the past one and a half years. At the same time we will continue to look for other acquisition opportunities as well,” he added.
Following the closing of the transaction, that is subject to customary regulatory approvals, OTP banka Srbija will implement a comprehensive integration process. As explained by Mr. Bertalan, the objective of the bank is to complete the integration quickly and smoothly for making the transition as seamless to the customers of both banks as possible, and to allow them to experience the benefits of our comprehensive services through the innovative channels and the branch network.