By Margit Feher
BUDAPEST--Hungary's largest lender by assets and market share, OTP Bank Nyrt. (OTP.BU), said Wednesday it signed an agreement with Societe Generale SA (GLE.FR) to buy the French bank's Croatian unit, Splitska Banka.
OTP Bank didn't disclose financial details of the acquisition.
Following the purchase, OTP will command about 10% of the Croatian banking market, OTP said in a filing with the Budapest Stock Exchange. Splitska, a universal bank active in both the retail and corporate markets, is Croatia's fifth-largest bank.
OTP, which has subsidiaries throughout central and Eastern Europe, has been present in Croatia since 2005. Its unit there has been profitable, even during the 2008 financial crisis.
The transaction will close in the middle of next year and OTP will integrate Splitska into its existing Croatian operation by mid-2018, OTP said.
Write to Margit Feher at email@example.com; Twitter: @margitfeher
(END) Dow Jones Newswires
December 21, 2016 02:41 ET (07:41 GMT)
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