ZAGREB (Croatia), December 21 (SeeNews) – Hungarian financial services group OTP said on Wednesday that its Croatian unit, OTP Banka Hrvatska, has signed an agreement to buy a 100% stake in Splitska banka from the Societe Generale group for an undisclosed price.
As a result of this acquisition, the market share of the OTP Group on the Croatian market will increase to approximately 10%, OTP said in a statement.
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The financial closing of the transaction is expected in 2017, while the integration process could be completed by summer of 2018, OTP added.
Societe Generale Splitska banka, a bank with universal range of services, is the fifth biggest player on the Croatian banking market. OTP Bank has been present in Croatia since 2005 and has had continuously profitable operations.