Hungary’s OTP Bank Is Said to Bid for Blackstone’s Luminor (2)

Hungary’s largest lender OTP Bank Nyrt has made a non-binding offer for Baltic bank Luminor, which is owned by private equity firm Blackstone Inc., according to people familiar with the matter.

Luminor has also attracted initial interest from other suitors, the people said. Blackstone has been seeking about 1.2 times book value for the business in an exit, the people said, asking not to be identified because the information is private.

Tallinn, Estonia-based Luminor had about €1.8 billion ($1.9 billion) of equity on its balance sheet at the end of December, according to its financial reports.

OTP ...