OTP Bank closer to selling Romanian subsidiary to Banca Transilvania

OTP Bank, the largest banking group in Hungary, is about to sell its Romanian subsidiary to Banca Transilvania (BVB: TLV) in the first quarter of 2024, according to sources familiar with the deal consulted by Bloomberg, Profit.ro reported.

A deal could be announced soon, two sources say, and a third says the agreement will be announced before the end of this quarter, according to Romania-Insider.com.

The Concorde brokerage company, based in Budapest, values ​​the business at EUR 350 million (USD 381 million).

OTP and Banca Transilvania representatives did not comment.

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