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OTP Bank sells treasury stock to EBRD.

Global Banking News-20 August 2009-OTP Bank sells treasury stock to EBRD(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 20 August 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Hungary's largest retail bank OTP Nyrt (OTP.BU) had sold 1,585,559 of its treasury shares to European Bank for Reconstruction and Development (EBRD) on the over-the-counter market under its agreement on July 9, with OTP Bank as investment service provider, OTP said.

Accordingly, the total number of OTP's treasury shares dropped by 1,585,559 to 2, 185,199 common shares. The number of treasury shares at OTP group's members was 2,098,560 June 29. Overall, the treasury shares account for 1.5 percent of the bank's registered equity.

OTP has said earlier that through the share purchase, EBRD will increase its existing 1.5 percent stake in OTP to around two percent.

The sale is part of a contract under which the EBRD is providing a EUR200m subordinated loan to OTP on commercial terms, Dow Jones noted.

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Publication:Global Banking News (GBN)
Date:Aug 20, 2009
Words:197
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