OTP Bank has increased its shareholding in Kulska banka as a result of several share purchases at the Belgrade Stock Exchange during the last few months and the recently finished public offer for treasury shares. As of March 20, 2007 OTP Bank owned 92.552% of Kulska banka’s registered capital.
Our view: OTP Bank before those transactions had held 83.19% of registered capital of Kulska Banka. We do not expect the news to have any impact on the stock price.
OTP Bank plans to merge Kulska Banka with two other acquired Serbian banks – Niška Banka and Zepter Banka - thus a merged bank is likely to be operational in April 2007. The Serbian subsidiary is expected to have 3% total assets-based market share.