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Rumour: Hungary’s OTP Bank To Buy Tesco’s Central European Units

By Tamás Székely // 2016.05.26.

Sándor Csány, chief of Hungary’s biggest lender OTP Bank and the richest person in Hungary, is looking into the possibility to buy crisis-hit British giant Tesco’s retailer network in the Visegrad countries, Hungarian newspaper Figyelő reported on Thursday. Tesco would end years of a financial struggle by selling its Central European units, the paper said, adding that until now primarily Chinese and Russian investors were reported as potential buyers due to their willingness to gain access to EU markets.

OTP chief Sándor Csányi (photo: János Marjai – MTI)

According to economic news portal portfolio.hu, OTP may also be interesting in acquiring Tesco because it would give the bank a huge boost, and possibly 10 million new card holders and retail customers across the region. Furthermore, OTP could exploit the banking and commercial synergies via the acquisition of the Central European Tesco chain. In order to do so, the bank allegedly set up a specific task force to work out the Tesco deal, portfolio noted. According to media speculations, the Czech, Hungarian, Polish and Slovakian Tesco units may worth altogether about three billion euros.

via figyelo.hu and portfolio.hu cover photo: János Vajda – MTI