OTP buys another bank in Serbia

OTP Bank will buy a majority stake in Serbia''s Kulska Banka, gaining a third subsidiary in the country. As a result, the leading Hungarian banking group will have a combined market share of roguhly 3 percent in Serbia. OTP will pay 118.6 million euros for 67 percent of shares in Kulska at the end of the transaction, most probably in October. From now on, the Hungarian bank will focus on strong organic growth in Serbia, it said. Some sources quoted by Reuters said OTP is interesed in buying troubled Austrian bank BAWAG as well. This would be its first acquisition in Western Europe. But OTP leaders declined to comment on this. VGO