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Hungary's OTP, in talks with RBS to take over domestic subsidiary

Hungary's OTP, in talks with RBS to take over domestic subsidiary
01.05.2011, 23:45 157

OTP Bank, the biggest Hungarian financial group, is in talkswith the Royal Bank of Scotland, a financial group nationalised bythe British government after the massive losses it logged in 2008,to take over its domestic subsidiary, according to market sources.

"Talks are not held locally, but directly between theheadquarters of Budapest and Amsterdam. No due-diligence processhas been carried out, yet, with a preliminary price offer to besubmitted first, followed by assessment," financial market sourcescommented for ZF. The price offer would be presented in about twoweeks.

The representatives of the two banks did not comment on theinformation by edition close.

The Hungarians had announced plans to acquire a bank in Romaniaas early as last year, considering their subsidiary is amedium-sized player, with assets worth 3.9bn lei (almost 1bn eurosat the current exchange rate), ranking 17th.

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