OTP, a Hungarian banking group, has completed the previously announced acquisition of Serbia’s Vojvodjanska Banka and NBG Leasing from the National Bank of Greece (NBG).

In August, NBG inked an agreement to dispose of Vojvodjanska Banka and NBG Leasing to OTP Banka Srbija for a consideration of €125m ($148.2m).

Following the completion of the integration process in the second quarter of 2019, the combined entity will become the seventh largest bank in Serbia in terms of assets.

NBG CEO Leonidas Fragkiadakis said: “After over 15 years of successful presence in Serbia, NBG divests from its Serbian operations to deliver on its commitments to the European Authorities under the Restructuring Plan.

“The Transaction further strengthens NBG’s position in terms of capital and liquidity, allowing for the redeployment of resources to support the Greek economic recovery”.

OTP Banka Srbija was established in May 2007. The bank was incorporated after the combination of Serbian banks Niska Banka, Zepter banka and Kulska banka.

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