OTP Bank Nyrt. (BUSE:OTP) signed a non-binding memorandum of agreement to acquire 75% stake in Ipoteka-Bank, Toshkent Sh from Ministry of Finance of the Republic of Uzbekistan on September 29, 2021. The acquisition includes the subsidiaries of Ipoteka-Bank. The terms and conditions of the purchase of the bank will be stipulated in the final share sale and purchase agreement, which the parties are set to conclude before the end of the year. As on December 12, 2022, OTP Bank signed a purchase and sale contract for the purchase of 74% stake of Ipoteka Bank and its subsidiaries with the Ministry of Finance of the Republic of Uzbekistan. OTP Bank will purchase 100% of the shares held by the Ministry of Finance of the Republic of Uzbekistan in two steps: 75% of the shares now and the remaining 25% three years after the financial closing of the first transaction. The transaction is subject to obtaining all the necessary regulatory approvals. The closing of transaction is expected in 1H 2023. Kinstellar advised OTP Bank on the deal. The team included Gábor Gelencsér, partner.

OTP Bank Nyrt. (BUSE:OTP) completed the acquisition of 75% stake in Ipoteka-Bank, Toshkent Sh from Ministry of Finance of the Republic of Uzbekistan on June 13, 2023.