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.