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Hungarian bank submits new offer for IRB

The Hungarian OTP bank on August 14 presented its second bid for Slovakia's IRB financial house, an offer of $14 million, although it is not yet clear whether OTP means the bid to cover a 70 or 93% stake in IRB.

The state-owned bank was put up for sale last summer as part of a government programme to privatise the banking sector. However, the bank attracted the interest of only OTP, and an original bid by the Hungarian bank was rejected for, among other reasons, being too low.

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