February 7 (SeeNews) - Hungary's OTP Bank has completed the acquisition of the entire equity capital of Slovenian lender Nova Kreditna Banka Maribor (NKBM), OTP said.
The purchase of NKBM, which has been completed on February 6, is the most significant acquisition in the history of OTP, the Hungarian group said in a statement on Monday.
You can subscribe to our M&A newsletter here
With the transaction closing, OTP has around 30% share in the Slovenian banking market on a pro-forma basis, it said.
The European Central Bank (ECB) approved the acquisition of NKBM by OTP Bank on September 6. Slovenia's competition protection agency gave the green light to the transaction on January 31.
NKBM, with a market share of 20.7% in terms of total assets as of September 2022 and more than 1,500 employees as of the end of 2022, is 80% owned by funds managed by affiliates of Apollo Global Management. The European Bank for Reconstruction and Development Bank (EBRD) owns the remaining 20% interest.
Nova Kreditna Banka Maribor d.d. is among the biggest banks in SEE, for more reference take a look at Top 100 banks