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Croatian c-bank approves acquisition of Splitska banka by Hungary's OTP

Croatian c-bank approves acquisition of Splitska banka by Hungary's OTP OTP Bank Author (OTP.hu) License: all rights reserved.

ZAGREB (Croatia), April 13 (SeeNews) – Croatia's central bank said it has given its consent to the local unit of Hungary's OTP Group, OTP Banka Hrvatska, to acquire 100% of Splitska banka from Societe Generale.

The Croatian National Bank, HNB, has also consented to the appointment of Slaven Celic as chairman of the management board of Splitska banka, HNB said in a statement late on Wednesday.

OTP earlier said that as a result of the acquisition, the market share of the OTP Group in Croatia will increase to approximately 10%. The financial closing of the transaction is expected in 2017, while the integration process could be completed by the summer of 2018, OTP added at the time without disclosing the price of the deal.

Societe Generale Splitska banka, is a universal bank and the fifth biggest player on the Croatian market. OTP Bank has been present in Croatia since 2005 and has had continuously profitable operations.

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