As the war between Russia and Ukraine goes on, the Hungarian currency starts the new week where it left off last Friday: hitting new historic low against all major currencies.Continue reading
Sándor Csányi, CEO of OTP Bank, spoke about Russian President Vladimir Putin, the Russian-Ukrainian war, and the outlook for OTP Bank. The war and economic sanctions have also affected OTP shares: Csányi’s assets are calculated to have fallen by 11 billion forints (almost 2,515,600 euros) in the first few days.
This article was originally published on our sister-site, Ungarn Heute.
OTP Bank CEO analyzed OTP’s situation in detail since the outbreak of the war. “There is young, ready management in Russia and Ukraine, and customer service in Ukraine is also underway. On average, 42 branches are open, and managers are not forced to enter them, but they go and want to serve customers. The Ukrainian subsidiary has been one of the most profitable in the OTP Group in terms of capital in recent years. Our colleagues in Russia are also doing well. Liquidity in rubles is there, the only problem is the lack of liquidity in dollars.”
Csányi also made comments about the Russian president:
I know Vladimir Putin personally- there are several photos of me in the media where we are sitting together at the World Cup. He was also president of the International Judo Federation, I am vice president, but I dare not predict the outcome of the war. I am convinced that it is not in anyone’s interest to prolong the war, neither for Ukraine nor for Russia, because it is very expensive to deploy such a large army and so many means of war. I hope that there will be peace.”
Featured image: Russian President Vladimir Putin, Honorary President of the International Judo Federation (IJF) and Sándor Csányi, Chairman and CEO of OTP Bank at the World Championships in Budapest at the Papp László Budapest Sports Arena on August 28, 2017. Photo by Tamás Kovács/MTI