Tashkent, Uzbekistan (UzDaily.com) -- Hungarian OTP Bank closed a deal to acquire almost 75% of the state stake in Ipoteka Bank.

Today OTP Bank acquired 73.71% of shares from the Ministry of Economy and Finance of Uzbekistan. Thus, the Hungarian bank became the main owner of Ipoteka-Bank.

It should be noted that in the next three years, OTP Bank intends to acquire a 25% stake in Ipoteka-Bank and increase its stake in the Uzbek bank to 98%.

The International Finance Corporation (IFC), in cooperation with OTP Bank, will continue to support financial and transformational processes in Ipoteka-Bank.

In December 2022, OTP Bank and the Government of Uzbekistan signed an agreement to purchase 75% of Ipoteka-Bank. As part of the document, the Hungarian bank planned to close the deal by July 2023.

In March 2023, during a meeting with the President of Uzbekistan, it was reported that the deal brought US$324 million to the budget of Uzbekistan.