Tuesday, 23, July, 2024

The Hungarian OTP Bank has become the main shareholder and legal supervisory body of Ipoteka Bank, the fifth largest bank in Uzbekistan, the bank said. The bank's logo has also been changed.

The first stage of the purchase was completed on June 13 - OTP Bank bought out 73.41% stake of Ipoteka-Bank, owned by the Ministry of Economy and Finance, and the remaining 26.59% will be bought out within three years. The Hungarian investor also became an indirect owner of the leasing company Ipoteka Leasing and the insurance company Imkon Sug'urta.

The transaction (related to the transfer of ownership) does not require Ipoteka-Bank clients to take any action, they will receive timely information about changes related to the integration process, the bank said.

The International Finance Corporation (IFC), in cooperation with OTP Bank, will continue to support the financial and transformational processes of Ipoteka-Bank in the future.

Chairman of the Board and Chief Executive Officer of OTP Bank Sándor Csányi said that Uzbekistan was the first country in the Central Asian region where the Hungarian bank had invested. According to him, the bank will rely on the leadership strategy in the mortgage lending market and providing quality customer service.

The privatization deal for Ipoteka-Bank was signed in December 2022. Under the deal, the Hungarian OTP Bank acquires 100% of Ipoteka-Bank shares owned by the Ministry of Finance of Uzbekistan (almost 97% of the total stake) in two stages: 75% of the shares immediately and the remaining 25% - three years after the financial closing of the first transaction, which is expected to take place in two weeks.

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