Hungary-based OTP Bank Nyrt. said its management will continue to pursue its policy of expansion in Central and Eastern Europe, despite the Romanian Central Bank's opposition to its acquisition of Banca Româneasca SA from National Bank of Greece SA.
The Romanian central bank, Banca Nationala a României, opposed OTP Bank unit OTP Bank România SA's takeover, without elaborating on the reasons behind the decision.
OTP Bank's management is looking into the legal aspects of the central bank's notification that the deal did not have the regulator's approval. The bank has until March 29 to appeal against the ruling.
Meanwhile, the Romanian central bank's decision has prompted National Bank of Greece to consider "various strategic options" for Banca Româneasca, in line with its restructuring plan.
Credit Suisse International is the Greek lender's exclusive financial adviser, while Freshfield Bruckhaus Deringer and PeliFilip are acting as international and local legal counsel, respectively, to National Bank of Greece.