KBC: buys Slovakia's OTP Banka Slovensko
(CercleFinance.com) - Belgian banking and insurance group KBC said on Tuesday that it has agreed to buy the Slovakian bank OTP Banka Slovensko, reinforcing its presence in Eastern Europe.
KBC said in a statement that it has agreed to buy the medium-sized Slovakian bank, which focuses on retail, micro SME and SME customers, from OTP Bank, its Hungarian parent company.
The next logical step is the operational merger of KBC's CSOB Bank and OTP Banka Slovensko, which will further consolidate CSOB's current fourth position on the Slovakian banking market in terms of assets, with a market share of approximately 12.6%, the Belgian group said.
KBC has been present in the Slovakian banking market since 2002.
The financial terms of the deal were not disclosed.
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