Croatia’s competition regulator AZTN has approved the sale of Splitska Banka by Societe Generale to the local unit of Hungary’s OTP, increasing OTP’s market share in Croatia to over 10 percent.
The regulator said the bank would be the fourth biggest in Croatia and would increase the competitive pressure on other market participants. “Increased competitive pressure could lead to a drop in the average interest rate in the market, resulting in lower interest rates for end users throughout Croatia”, AZTN added.
The process of integration of Splitska banka into OTP will begin in the middle of 2018, and is planned to be completed by end of 2019.
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