OTP counts on foreign units to offset sluggish domestic market
OTP Bank Nyrt expects the effects on profits of government austerity measures and increasing competition on the domestic market to be countered by growth on foreign markets, mainly in Russian and Ukraine, deputy CEO Zoltán Spéder said on Wednesday.
OTP has bought five banks this year, including Raiffeisenbank Ukraine, Russia's Investberbank group and Serbian banks Kulska banka, Niska banka and Zepter banka. It also expects to shortly close the acquisition of Montenegro's CKB. Spéder said the bank expects to have spent €1.3 billion on acquisitions by year-end, compared to a combined €600 million in the previous six years altogether.
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