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December 4 (SeeNews) - Hungarian banking group OTP said on Monday it has completed the acquisition of Serbia's Vojvodjanska Banka and NBG Leasing from the National Bank of Greece (NBG).
As a result of the acquisition, which was closed on Friday, the Serbian market share of OTP Group rose to 5.7%, the Hungarian banking group said in a statement.
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The integration process is expected to be completed in the second quarter of 2019, as the merged bank will become the seventh in Serbia by assets, OTP Group said.
In August, NBG said it signed an agreement to sell Vojvodjanska Banka and NBG Leasing to OTP Banka Srbija. The agreed consideration for the entire share capital of Vojvodjanska Banka and NBG Leasing amounts to 125 million euro ($148.2 million), NBG said back then.
OTP Banka Srbija was founded in May 2007. The lender was incorporated after the merger of Serbian banks Niska Banka, Zepter banka and Kulska banka.
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