Ipoteka Bank received additional capitalization from OTP Bank for $70 million

The press service of Ipoteka Bank reported on attracting additional investments from the main investor – OTP Bank, reports Spot.

For this purpose, the credit institution issued a package of 844.63 billion common shares. The entire volume of the issue was placed with the Hungarian bank in accordance with the purchase and sale agreement concluded between the parties.

The volume of additional capitalization through direct investment amounted to about $70 million. After the transaction, OTP Bank’s share in the authorized capital of Ipoteka Bank increased from 75% to 79.6%.

The size of the bank’s authorized capital reached 3.83 trillion soums, an increase of 28.3%. This is expected to “contribute to strengthening [its] position in the Uzbek financial services market.”

OTP Bank signed an agreement with Uzbekistan to purchase 75% of Ipoteka Bank a year ago. It was then reported that the deal was planned to be closed by July 2023.

At a meeting with the president in March, it became known that the deal brought $324 million to the budget. The Hungarian bank completed the process of purchasing 73.7% of the shares of Ipoteka Bank in June and announced plans to buy 25% in the next three years.