KBC Group to acquire OTP Banka Slovensko.

KBC Group, a Belgian universal multi-channel bank-insurer, agreed to acquire OTP Banka Slovensko, a mid-sized Slovakian bank focusing on retail, micro SME and SME customers, from OTP Bank, an independent financial services provider. Financial terms were not disclosed. "This deal is a further execution of our strategy, which focuses on becoming the reference bank-insurance group for retail customers, small and medium-sized enterprises and midcaps in KBC’s core markets. Through ČSOB Bank, we have been present in the Slovakian banking market since 2002. Acquiring OTP Banka Slovensko will allow us to substantially strengthen our share of the Slovakian market, while enabling us to benefit from economies of scale and increased visibility in this highly competitive market. It will also create opportunities for us to provide high level, complex financial services to a wider range of customers, who will undoubtedly benefit from this merger," Johan Thijs, KBC Group CEO.