BUSINESS

NBG sells Vojvodjanska Banka to OTP

TAGS: Banking, Business

National Bank of Greece announced on Friday it had signed an agreement to sell its Vojvodjanska Banka unit in Serbia and NGB Leasing as well as its corporate loan portfolio in Serbia to Hungary’s OTP Bank for 125 million euros.

OTP said in statement that the deal includes other Serbian units of National Bank of Greece too.

The agreement increases OTP’s Serbian banking unit’s market share to 5.7 percent, making it the seventh biggest in Serbia’s banking market, according to OTP.

The transaction is expected to be completed by the end of 2017, the Hungarian lender added in its statement.

[Reuters]

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