Hungary's OTP Bank to take over Uzbekistan's Ipoteka Bank (updated)

Bank of James Financial group

29/09/2021 15:07

(Writes through with memorandum signed)
    TASHKENT, Sept 29 (Reuters) - Hungary's OTP Bank  OTPB.BU 
plans to take over Uzbekistan's state-owned Ipoteka Bank
(Mortgage Bank), according to a memorandum signed by OTP and the
Tashkent government on Wednesday.
    The Uzbek authorities had previously said they planned to
sell off a 75% stake in Ipoteka Bank, but the parties gave no
details such as the size or price of the planned deal when they
signed the agreement at a conference in Tashkent.
    The memorandum is "a milestone for a future agreement" that
will be more detailed, OTP Bank deputy chief executive Laszlo
Wolf told Reuters on the sidelines of the event.
    "We will buy what the Uzbek government is going to sell. But
details are not going be published yet," Wolf said.

 (Reporting by Mukhammadsharif Mamatkulov
Additional reporting by Anita Komuves in Budapest
Writing by Olzhas Auyezov
Editing by Nick Macfie and Mark Potter)
 ((olzhas.auyezov@thomsonreuters.com; +7 727 2508 500; Reuters
Messaging: olzhas.auyezov.thomsonreuters.com@reuters.net))