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22 Mar 2017, Annie Tsoneva, EMIS Editor

Hungarian top lender considers further acquisitions in Eastern Europe, Russia

Hungary’s top lender OTP is considering further acquisitions of banks in Eastern Europe and Russia, according to media reports citing CEO Sandor Csanyi.

OTP is to sign a deal to buy a “locally important" bank in Montenegro and mulls acquisitions in Belarus, Bulgaria, Romania, Russia, Serbia, Slovakia and Ukraine, the executive told Bloomberg.

OTP, which is present on eight foreign markets in central and eastern Europe, keeps its target to reach a market share of more than 10% in the countries where it has a lower share, he added.

A number of banks has been put up for sale in Romania and the Hungarian company plans to examine each of them and Serbia would also offer some acquisition opportunities.

According to Bloomberg, OTP has set aside $1 billion for acquisitions and if necessary, is ready to borrow in order to finance them.

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