National Bank of Romania has refused to grant permission to the acquisition of Banca Romaneasca (BROM) by OTP Bank Romania, a subsidiary of Hungary’s OTP Bank.

In a statement, the central bank said that it opposes OTP Bank Romania’s intention to acquire a direct qualifying holding of 99.28% in Banca Romaneasca as per the legal provisions regulating the operations of credit institutions.

The central bank did not revealed more details for its decision, citing the confidentiality of information obtained during the exercising of its powers.

The central bank’s decision comes after Romania’s anti-trust regulator approved the takeover agreement in December last year.

In July 2017, OTP Bank signed an agreement with National Bank of Greece to purchase Banca Romaneasca. The acquisition would have increased OTP Bank market share to approximately 4% in Romania.

OTP Group provides universal financial services to nearly 15 million clients across nine countries through its network of approximately 1,400 branch offices, ATMs and electronic channels.