OTP eyes more acquisitions in Serbia

Tourism

Sándor Csányi, the president and CEO of OTP Bank, Hungaryʼs leading commercial bank, said Monday that OTP would buy other banks in Serbia if the opportunity arises, naming Komercijalna banka as one possible target, state news wire MTI reported.

OTP Groupʼs market share in Serbia grew to 5.7% with the recent acquisition of Vojvođanska banka (Voban), and could rise to 6%, Csányi said addressing a press conference in Novi Sad on Monday. The integrated operations of OTP in Serbia make it the seventh biggest bank in terms of total assets in the country.

OTP aims to expand continuously both in terms of clients and market share, Csányi said.  OTP Bank bought 100% of Voban, NBG Leasing and other group members from the National Bank of Greece (NBG) for EUR 125 million, in addition to taking over loans provided to Serbian companies by non-Serbian NBG units. The transaction was closed in early December 2017, and the integration of the new acquisitions will be fully completed in Q2 2018 according to plans.

OTP Bank wants the units to play a leading role in financing agriculture, Csányi said, noting that NBG Leasing has a 45% share in the segment and expressing hope that Voban would regain its former strong share in the field.  

OTP Bank has raised its loan stock by 26% with its recent acquisitions of smaller banks in Romania, Croatia and Serbia, and wants this trend to continue, said László Wolf, chairman of the board of OTPʼs Serbian unit OTP banka Srbija. 

Voban CEO Predrag Mihajlović noted that the acquisition made OTP Bank the third biggest bank in Serbia in terms of branches and cash machines. The integrated bank aims at opening outlets in regions where neither OTP nor Voban has been present until now, he added.

OTP has more than 15 million clients worldwide and is present in eight countries in addition to Hungary.

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.