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OTP Bank Delays Uzbekistan Deal on Russia-Ukraine War Fallout

April 11, 2022, 12:32 PM

OTP Bank Nyrt. has asked Uzbekistan to delay a deal that would see Hungary’s largest lender purchase a majority stake in Ipoteka Bank, Chairman and CEO Sandor Csanyi told Bloomberg.

OTP’s share price has plunged almost 30% since Russia on Feb. 24 invaded Ukraine, Hungary’s neighbor to the east. Csanyi, speaking in Ljubljana on Monday, cited the uncertainty created by the war as the reason to postpone the purchase of a 75% stake in Ipoteka, a deal first announced in September.

“The acquisition was ready for signing when war broke out in Ukraine,” Csanyi told Bloomberg on sidelines ...