BUDAPEST: The Serbian unit of Hungary’s OTP Bank signed an agreement to buy 100% of Serbian peer Findomestic Banka from its Italian owner, OTP announced on Friday.
According to OTP, Findomestic Banka is a “stable, retail-oriented” bank with a 0.5% market share in Serbia. OTP expects the transaction to boost its market share in Serbia from 1.4% to 1.9%, bringing it closer to achieving optimum market size.
Findomestic Banka has 26 branches, including seven in Belgrade, with approximately 90,000 clients. The acquisition will support the activity of OTPʼs Serbian business in POS and credit card lending as well as in electronic services, the Hungarian bank said, adding that it would “seek further regional acquisition opportunities that could contribute to shareholder value creation”.
