OTP Russia to launch Touch Bank platform

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The Russian unit of Hungarian OTP Bank is launching a branchless banking platform branded Touch Bank in September, according to project manager Andrei Kozliar, Russian business daily Kommersant reported today.

Kozliar said clients would be offered a deposit card with an annual interest rate of 14% initially, and lending products would be launched in the near future.

OTP is spending €40 mln on the launch and has already began test operations in Nizhny Novgorod, Rostov-on-Don, Samara and Volgograd, the paper said, adding that the only lender to offer branchless banking in Russia at present is Tinkoff Bank.

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