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OTP Completes Purchase of RoBank

OTP Bank Rt has completed its purchase of a 100% stake in RoBank of Romania and has attained all of the licenses necessary for its operation, OTP said on Friday.

OTP transferred the outstanding 80% of the USD 47.5 million purchase price on July 26.

The shares of the bank were transferred on Friday, and the custodial bank will now transfer the whole purchase price to the sellers, the Balli group of the UK and the Bayraktar group of Turkey.

OTP Bank signed the contract to buy RoBank for 195% of the value of its net assets on Apr. 28, 2004.

(BBJ 02.viii.04)

 
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