Hungary’s OTP Bank To Buy A Small Bank In Another Country, Chairman-CEO Hints

OTP Bank will acquire a small bank “within two months”, chairman-CEO Sándor Csányi said in an interview with “We will buy a small bank in a country where we are already present within two months,” Csányi told the news portal.“We can best realise synergies where we already have a unit.  In these countries, we are looking at everything that is for sale, and if we are smaller, we try to achieve a more rational business scale,” he added.

“In countries where we are not present, we only make acquisitions if we can buy a big bank, one with around 10% market share,” he said. Csányi said OTP was not planning to buy a big bank in neighbouring countries at present, but could look further afield. Csányi told shareholders at an annual general meeting late in April that OTP was prepared to make acquisitions and could make a small purchase in a single country. In addition to Hungary, OTP has businesses in Bulgaria, Croatia, Montenegro, Romania, Russia, Serbia, Slovakia and Ukraine.

OTP Bank Group is one of the largest independent financial services providers in Central and Eastern Europe with full range of banking services for private individuals and corporate clients. OTP Group comprise large subsidiaries, granting services in the field of insurance, real estate, factoring, leasing and asset management, investment and pension funds. The bank is serving clients in 9 countries, namely Hungary, Slovakia, Bulgaria, Serbia, Romania, Croatia, Ukraine, Montenegro and Russia.

via and photo: Imre Faludi – MTI