Hungary's biggest bank, OTP, is interested to buy RoBank, for which it competes against Piraeus Bank and a Dutch fund, The Netherlands Development Finance Company (FMO), banking system sources said. "The three bidders are quite motivated, and OTP will begin due-diligence in the next few days. Piraeus will be the second credit institution to access the bank's database," the quoted sources said. OTP, the largest Hungarian bank that holds stakes in Bulgaria and Slovakia, had announced plans for an acquisition on the Romanian market a long time ago. It had submitted a letter of intent together with HVB Bank during the first privatisation stage of BCR but did not pre-qualify. Piraeus is reportedly determined to expand on the Romanian market quickly, which calls for a takeover of another bank. It is now in talks over buying Banca Ion Tiriac. FMO is a Dutch fund that registers a substantial exposure on the Romanian market and even on the banking system. It has minority stakes in companies where international financial institutions hold interests, such as Miro Bank, Terapia Cluj and Demir Romlease. Regardless of who the winner is, RoBank's sale will be concluded soon. NBR instructed Balli Group to sell its RoBank shares held through Asigurarea Anglo-Romana (Anglo-Romanian Insurance) by early 2004 and the British group chose to sell the controlling interests. ZF
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