Hungarian OTP buys the Portuguese-based bank in Romania, Millennium
After acquiring a bank in Croatia from Italian Banco Popolare in early 2014, Hungarian OTP Bank has made another buy, by acquiring the Romanian branch of Portuguese bank Millenium. It paid 39 million Euro or nearly 12 billion forints for Millennium Bank Romania. 2014-08-01 14:02:09
Following the deal, OTP increases its share on the Romanian financial market from 1.3 per cent to 2.1 per cent. Millennium losses narrowed to 5.9 million Euro in 2013 from 23.8 million Euro in 2012. Its total assets came to 634 million Euro, compared to OTP Romania reaching 1.47 billion Euro. According to analysts, OTP has a medium goal to reach 5 per cent of market share, placing the bank within the top ten ranking banks in Romania.
"This acquisition effectively supports our middle term strategic aim to get into the top 10 banks in Romania as well as to reinforce our position as a solid universal financial services provider," OTP Bank Romania Chief Executive Officer Laszlo Diosi said in the statement. "The acquisition of Millennium Bank represents a further step to our expansion on the Romanian market and will strengthen our market presence, especially in the retail field."
In 2013, other two major transactions in banking sectors have emerged, with Raiffensen Bank taking over the retail portfolio of Citi and Unicredit taking over the British RBS's retail and private banking portfolios.
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