OTP Bank Romania finalized the acquisition process of Millennium Bank Romania
Bucharest, January 8, 2015 – OTP Bank Romania, member of OTP Group, announces that the 100% acquisition of Millennium Bank Romania shares has been concluded, following the payment worth EUR 39 million.
Thus, Millennium Bank Romania, former member of Banco Comercial Português, is now part of OTP Group in Romania. As a result of the acquisition, the market share of OTP Bank Romania will rise to approximately 2% and the newly merged bank is expected to move up to the 13th place amongst the top of banks present in Romania.
“The acquisition of Millennium Bank Romania is a key moment in the history of OTP Bank Romania, which brings us closer to our middle term strategic goal to get into the top 10 banks in Romania. I firmly believe that the acquisition of Millennium Bank Romania represents a further step to our evolution on the Romanian market that strengthens our market presence and reinforces our position as a solid and stable universal financial service provider.”, declared László Diósi, CEO, OTP Bank Romania.
Millennium Bank Romania has nearly 80 thousand clients. Its network consists of 56 units and 58 ATMs, with a strong concentration in Bucharest. As a result of the acquisition, OTP Bank Romania will reach almost 400 thousand clients, while its network will consist of 140 branches and 180 ATMs.
“Our strategic aim is to extend our market share in the countries where we are present. Romania has always been an important market for us. Since entering the local market, over ten years ago, we have grown organically. This acquisition fits well into our growth strategy and further consolidates our position as one of the most stable financial groups in the region, with outstanding capital strength and liquidity”, declared László Wolf, Deputy CEO of OTP Bank.
Now that the acquisition process is completed, OTP Bank Romania will proceed to a natural integration process. The bank’s team will persevere to make efforts to provide simple, yet efficient solutions for private individuals and companies, clients of both banks. OTP Bank Romania is devoted to ensure a smooth transition for the clients of Millennium Bank Romania, in line with its continuous focus on quality services that has been driving the bank since its establishment. The integration process is expected to be completed within 1 year.
OTP Bank Romania, subsidiary of OTP Bank, the largest independent banking group in Central and Eastern Europe, is an integrated and self-financed provider of financial services. With an approach defined by responsibility, commitment and professionalism, OTP Bank Romania is aware of its clients’ needs.
OTP Bank provides universal financial services in Hungary, Romania, Montenegro, Croatia, Bulgaria, Russia, Ukraine, Slovakia and Serbia for more than 13 million customers through an extended branch network of almost 1,500 units as well as ATM network and electronic channels.
Millennium bcp is the largest listed Portuguese bank. With a strong brand and more than 2.3 million domestic clients Millennium bcp has a market share in Portugal of around 20% in both lending and deposits.