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Closing: OTP Bank Acquisition of Uzbekistan's Ipoteka Bank Now Closed

Closing: OTP Bank Acquisition of Uzbekistan's Ipoteka Bank Now Closed

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In June 2023, Kinstellar announced that the first step of OTP Bank's acquisition of Ipoteka Bank in Uzbekistan – the acquisition of a 73.71% stake from the state – (reported by CEE Legal Matters on December 22, 2022) had closed. 

According to the firm, "with the transaction, OTP has become the first foreign lender to participate in the privatization of Uzbekistan's banking sector. In the next step of the transaction, the remaining shares of Ipoteka Bank held by Uzbekistan's Ministry of Economy and Finance will be purchased in three years."

"Ipoteka Bank is Uzbekistan's fifth-largest financial service provider, active in both the retail and corporate segments. OTP agreed to acquire close to 97% of Ipoteka Bank under a contract signed in December last year," Kinstellar announced. The negotiations involved the Uzbek government and the International Finance Corporation. 

As initially reported, Kinstellar advised OTP Bank while White & Case's London and Tashkent offices reportedly advised the seller.

Kinstellar’s updated team was led by Partner Gabor Gelencser and included Hungary-based Senior Associates Csenge Koller and Eszter Takacsi-Nagy and Associate Judit Sos as well as lawyers from the firm's Tashkent office.

Kinstellar at a Glance

Kinstellar is a leading independent law firm in Emerging Europe, Turkey and Central Asia, with offices in Bulgaria (Sofia), Croatia (Zagreb), the Czech Republic (Prague), Hungary (Budapest), Kazakhstan (Almaty and Astana), Romania (Bucharest), Serbia (Belgrade), Slovakia (Bratislava), Turkey (Istanbul), Ukraine (Kyiv), and Uzbekistan (Tashkent).

Operating as a single fully integrated firm, Kinstellar delivers consistently high quality services across all jurisdictions in an integrated and seamless style. We are particularly well suited to servicing complex transactions and advisory requirements spanning several jurisdictions.

Firm's website.