OTP Bank, the largest banking group in Hungary, is about to sell its Romanian subsidiary to Banca Transilvania (BVB: TLV) in the first quarter of 2024, according to sources familiar with the deal consulted by Bloomberg, Profit.ro reported.

A deal could be announced soon, two sources say, and a third says the agreement will be announced before the end of this quarter.

The Concorde brokerage company, based in Budapest, values ​​the business at EUR 350 million (USD 381 million).

OTP and Banca Transilvania representatives did not comment.

OTP reportedly requested in October EUR 360 million for the sale of its subsidiary in Romania, less than the subsidiary’s funds but more compared to the EUR 300 million proposed by Banca Transilvania, the leading bidder in the competitive sale process.

iulian@romania-insider.com

(Photo source: OTP Bank Romania)