OTP Bank finalized the negotiations to take over the local subsidiary of RBS Romania but failed to reach an agreement as the price was too high, according to Antal Pongracz, deputy manager with OTP Bank. According to OTP's estimations, the market value of RBS Romania stays between EUR 100 million and EUR 150 million, Romanian media reports. The Hungarian OTP plans to reach a market share of about 5 to 10 percent in Romania, from the current 2 percent. It can either be achieved through acquisitions, or through organic increase.

OTP Bank Romania posted a profit of around EUR 0.5 million in the first quarter of the year, after posting zero profit in the same period of 2010.

editor@romania-insider.com

(photo source: RBS)