Hungarian banking group OTP Bank’s continued operations in Russia raise “legitimate questions” about its planned acquisition of the Baltic banking group, Luminor Bank, Lithuania’s central bank, the Bank of Lithuania, stated, Reuters reports. Earlier, OTP Bank announced that it had signed an agreement to buy Estonia-based Luminor. The Bank of Lithuania said that the European Central Bank and the Estonian Financial Supervision and Resolution Authority would consult Lithuanian and Latvian financial regulators before deciding whether to approve the deal. OTP Bank insisted that it had been unable to find a “legally, morally, and economically acceptable” solution on how to exit Russia, LRT reports. The bank assured that it complied with all applicable international sanctions and local legal requirements.
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