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Article: Hungary's OTP Bank denies having concluded sale of insurance arm Garancia.
- Article from:
- Hungary Business News
- Article date:
- December 14, 2007
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Hungary's OTP Bank denies having concluded sale of insurance arm Garancia
BUDAPEST. DECEMBER 14. INTERFAX CENTRAL EUROPE - OTP Bank, Hungary's largest bank, denied market rumors on Friday that it has concluded the sale of its insurance unit OTP Garancia at a favorable price.
"OTP Bank firmly denies those market rumors according to which the sale of its 100%-owned subsidiary OTP Garancia Biztosito Zrt has been completed," the bank said in a statement.
According to rumors that had been circulating among brokers, OTP was said to have sold OTP Garancia for EUR 1 bln, much higher than previous reports in the EUR 400 mln range. Brokers attributed ...