First Read: OTP Bank Nyrt "Luminor acquisition announced" (Buy) Nemes

Research evidence excerpt

First Read: OTP Bank Nyrt "Luminor acquisition announced" (Buy) Nemes

Global Research

21 July 2026ab

First Read

EquitiesOTP Bank Nyrt

Luminor acquisition announced Hungary

Banks, Ex-S&L

Acquisition of 100% of Luminor 12-month rating (UR) Buy *

OTP announced the potential acquisition of 100% of Luminor Holding, the parent

company of Luminor Bank, from a consortium of private equity funds managed by 12m price target (UR) HUF44,600.00

Blackstone, and DNB Bank. Terms of the potential transactions are not disclosed and

Price (20 Jul 2026) HUF44,750

completion of the transaction is subject to obtaining the necessary regulatory approvals.

The announcement comes after OTP reportedly showed interest in the bank in 2024. RIC: OTPB.BU BBG: OTP HB

Trading data and key metrics

Third largest provider of financial services in the Baltic region

52-wk range HUF46,920.00-28,180.00

Luminor is the leading independent bank and the third largest provider of financial Market cap. HUF11,509b/US$36.3b

services in the Baltic region. With the headquarters in Estonia and branches in Latvia and Shares o/s 257m (ORD)

Lithuania, total assets stood at EUR15.9bn and net customer loans at EUR11.5bn (of

Free float 81%

which 58% retail) at the end of last year. Luminor generated a profit after tax of

Avg. daily volume ('000) 381

EUR158mn and RoE of 8.6% in 2025 (11.7% in 2024). The CET1 ratio stood at 20.2%

Avg. daily value (m) HUF16,358.2

at the end of last year and the loan to deposit ratio was 100%. OTP intends to provide

capital, liquidity, and technological know-how to support Luminor's future growth in Common s/h equity (12/26E) HUF6393b

the Baltic region. P/BV (12/26E) 1.8x

Tier 1 ratio 18%

Share of euro zone loans could rise to 50% pro forma for the acquisition EPS (UBS, diluted) (HUF)