OTP Group acquisition of Splitska Bank

Overview:

• OTP Group has acquired Splitska Bank from Société Générale for an undisclosed fee.
• The bank is the fifth largest in Croatia and the deal will see OTP increase its market share to 10%.
• OTP, Hungary's largest bank, entered the Croatian market in 2005.
• The deal has an enterprise value of €480 million.
• Société Générale is currently reviewing its strategy in the CEE with the intention to focus more on those markets where it can compete with the biggest lenders.
• The deal comes at a time when a number of potential deals could change the Croatian banking landscape including the sale by UniCredit of Zagrebačka Banka.

Sam Duke - Editor