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OTP Bank has resumed the process of purchasing Ipoteka-Bank, follows from the report of the management of the Hungarian bank for the third quarter of 2022.
OTP Bank has resumed the process of purchasing Ipoteka-Bank, follows from the report of the management of the Hungarian bank for the third quarter of 2022.
OTP Bank has resumed the process of purchasing Ipoteka-Bank, follows from the report of the management of the Hungarian bank for the third quarter of 2022.
According to OTP top manager Laszlo Bencik, the Hungarian side is now conducting additional checks and studying the condition of the asset. With a high probability, the deal will take place, since the bank is interested in the Uzbek market, he said.
“We believe that this [Ipoteka Bank] is a very attractive investment opportunity. Its attractiveness has even grown since we paused the process in March, after the start of the war [in Ukraine],” Benchik said.
The value of Ipoteka-Bank has grown significantly in recent months, according to OTP Bank. For example, according to Benchik, his new solutions in mobile banking will be able to compete with the best players in the European market.
The Hungarian side also noted the progress in the economy of Uzbekistan due to market reforms. At the end of the year, GDP growth will exceed 5%, against the backdrop of a slowdown in the European Union and almost equal inflation (12% in Uzbekistan, 10% in the EU - Spot).
The geopolitical situation contributes to the growing attractiveness of Uzbekistan for investors. The head of OTP Bank called Tashkent's position on the conflict in Ukraine "wise."
Asked when the deal is scheduled to close, Bencik said: "If it's up to us, the sooner the better."
At the beginning of 2021, it became known that OTP Group wanted to enter the market of Uzbekistan. In the spring, information was received about plans to buy a local bank, and a memorandum was signed at the September economic forum.
We are talking about buying a 75% state stake in Ipoteka Bank, which is being prepared for privatization since 2019. The OTP noted "significant growth opportunities" in the local market due to the large population and weak market saturation.
In the spring of 2022, OTP Bank suspended the purchase due to hostilities in Ukraine. Bencik later emphasized that the bank "hadn't lost its appetite" and was ready to return to the deal.
Earlier, Spot wrote that Uzbekistan and Hungary intend to increase the trade turnover to $500 million.