OTP Sells Slovakian Subsidiary to KBC

Hungary's largest commercial financial institution, OTP Bank has announced on the website of the Budapest Stock Exchange that the sale of its Slovakian subsidiary, OTP Banka Slovensko. has been financially completed.

According to the announcement, the transaction, based on the share purchase agreement signed with KBC Bank NV on February 17, 2020, has been financially closed, as a result of which the 99.44% shareholding in OTP Banka Slovensko was acquired by KBC Bank NV.

KBC Bank N.V. thus becomes the parent company of OTP Banka Slovensko (the remaining 0.56% share is owned by small shareholders). KBC subsidiary ČSOB Banka and OTP Banka Slovensko will first operate on the market as two sister banks, the next logical step will be a legal and operational merger into ČSOB Banka, which will strengthen ČSOB Banka's current position as a market square with a 12.6% market share.

OTP Banka Slovensko will continue, with the full support of ČSOB, to fulfill all its obligations on the banking market and to provide professional service of the highest quality to all its clients. It will be a priority during the entire merger process to ensure a smooth transition for clients and employees of OTP Banka Slovensko under a new brand, therefore the business name of OTP Banka Slovensko will be maintained until the legal merger of the two banks.