In the meanwhile, OTP Bank Romania is looking for new acquisitions and aims to double its market share on medium term.
“Since November 1, we will be one bank. We could have finished it sooner but did not want to risk anything. We decided to make the transfer only when being 100% sure the IT system is aligned and now we analyze the status of subsidiaries. We don’t want to close down any unit,“ said Diosi.
The transaction between the two banks was concluded in July 2014 and the stake transfer was made mid-January, after getting all approvals.
OTP paid EUR39 million for the local unit of Millennium and undertook to reimburse the financing granted the Portuguese group.
After buying Millennium, OTP has a market share of 2% and is among the top ten banks in the system. It aims to get a 5% market share in about 5 to 10 years.
Diosi said the bank targets other acquisitions on the market as the organic growth has become very expensive.