OTP Bank Romania has signed a contract for the the acquisition of all shares in Millennium Bank Romania. The transaction value is estimated at €39m. OTP Bank’s goal through the transaction is to push into the country’s top 10 ranking, said CEO Laszlo Dios. The deal is due to close in September 2014 at which point OTP Bank will pay the aggregate amount and as well as €150m in funding received from the BCP. OTP Bank Romania will now have a portfolio of 400,000 clients, 150 branches and 160 ATM locations. Integration of the new bank is expected to last about one year, after which other acquisitions could follow.
