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Kinstellar Advises OTP Bank on Acquisition of Ipoteka Bank in Uzbekistan

Kinstellar Advises OTP Bank on Acquisition of Ipoteka Bank in Uzbekistan

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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.

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AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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