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.