OTP Bank is buying the Uzbek Ipoteka Bank, the contract was signed on Monday by President and CEO Sándor Csányi and Deputy CEO László Wolf. Ipoteka Bank is the 5th largest bank in Uzbekistan, with a market share of nearly 8.5 percent and a customer base of more than 1.6 million.
On behalf of the Ministry of Finance of the Republic of Uzbekistan, Timur Ishmetov, Minister of Finance, and on behalf of the Republic of Uzbekistan, Jamshid Khodjaev, Deputy Prime Minister, Minister of Investment and Foreign Trade, signed the contract in Tashkent.
OTP Bank will buy 100 percent of the shares owned by the Uzbek Ministry of Finance (nearly 97 percent total share) in two steps: 75 percent of the shares now, and the remaining 25 percent three years after the financial close of the first transaction. It was announced: the financial closing of the first transaction is expected to take place in the first half of 2023. Ipoteka Bank is the 5th largest bank in Uzbekistan, with a market share of nearly 8.5 percent and a customer base of more than 1.6 million.