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Kinstellar Advises OTP Bank on Acquisition of Ipoteka Bank in Uzbekistan

Kinstellar Advises OTP Bank on Acquisition of Ipoteka Bank in Uzbekistan

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Kinstellar has advised OTP Bank on its acquisition of Uzbekistan’s Ipoteka Bank. The White & Case London and Tashkent offices reportedly advised the seller.

"According to the sale and purchase agreement signed on December 12, 2022, OTP Bank will purchase 100% of the shares held by the Ministry of Finance of the Republic of Uzbekistan in two steps: 75% of the shares now, and the remaining 25% three years after the financial closing of the first transaction," Kinstellar informed. "The financial closure of the first transaction is expected to take place in the first half of 2023."

OTP Bank is a Hungarian commercial bank that provides financial services in CEE. Ipoteka Bank is a financial institution operating in Uzbekistan, with an 8.5% market share.

The Kinstellar team was led by Hungary-based Partner Gabor Gelencser and included Partners Anthony O’Connor and Peter Voros and Senior Associates Laszlo Palocz and Eszter Takacsi-Nagy, Serbia-based Special Counsel Olga Sipka, and Ukraine-based Senior Associate Yulia Eismont, as well as a team from the firm’s Uzbekistan office.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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