Planned Acquisition of Luminor Announced

Research evidence excerpt

Planned Acquisition of Luminor Announced

Update

July 21, 2026 06:43 AM GMT

Morgan Stanley & Co. International plc+MOTP Bank | Europe Gulnara Saitkulova

Equity Analyst

Planned Acquisition of Luminor Gulnara.Saitkulova@morganstanley.com +44 20 7677-0313

OTP Bank (OTPB.BU, OTP HB)

Top Pick Announced Banks | Hungary

Stock Rating Overweight

OTP Bank has signed a share purchase agreement to acquire 100% of Luminor Industry View Attractive

Holding (extraordinary announcement), the parent of Luminor Bank, from a Price target HUF 49,000.00

Shr price, close (Jul 20, 2026) HUF 44,750.00

consortium of private equity funds managed by Blackstone and DNB Bank. Luminor 52-Week Range HUF 46,970.00-

is one of the three largest banking groups in the Baltics. The transaction marks 28,180.00

Mkt cap, curr (mn) HUF 11,512,789

OTP's first acquisition since completing the purchase of Ipoteka Bank in Uzbekistan Net debt (12/26e) (mn)* -

in 2023, although the group has an extensive track record of successfully integrating EV, curr (mn)* HUF 11,512,805

acquisitions over the past 15 years (see Exhibit 59 link). The announced acquisition is * = GAAP or approximated based on GAAP

subject to the necessary regulatory approvals.

See our initiation report on CEE banks: CEE

Strategic fit looks compelling, in our view. The Baltics remain among the faster- Banks Structural Growth Opportunity

growing banking markets in Europe, supported by healthy asset quality, robust

digital penetration and attractive structural growth. Luminor is primarily a retail-

focused franchise, with retail loans accounting for 58% of its loan book in 2025,

fitting well with OTP's business model and geographic expansion strategy.

We believe capital should not be a constraint. As of 1Q26, OTP reported a 5.5%