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OTP Bank Snaps Three-Day Decline on Report of Spanish Bailout

Sept. 21 (Bloomberg) -- OTP Bank Nyrt., Hungary’s largest lender, gained for the first time in four days, after a report said European officials are discussing a Spanish bailout.

The shares rose 0.7 percent to 3,866 forint by the close in Budapest, paring their decline this week to 5.4 percent. The benchmark BUX stock index dropped 0.3 percent to 18,637.15, retreating for a fifth day.

European stocks climbed after the Financial Times reported Spain will next week unveil an economic reform program that will allow the indebted country to seek a bailout. Hungary, the European Union’s most indebted eastern member, has also sought an aid deal from the EU and the International Monetary Fund for 10 months.

“There is a positive mood on global markets, which may be helping to stop the decline in the domestic market,” Budapest-based broker Quaestor Zrt. wrote in a report on its website today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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