ADVERTISEMENT

OTP CEO sees 4-5 possible acquisitions on horizon

Deals

LaMography/Moni Lazar

OTP Bank, Hungaryʼs biggest commercial lender, could make another four to five acquisitions, both in countries where it wants to boost its market presence and in new countries, Chairman-CEO Sándor Csányi said in the Croatian city of Split on Friday, days after acquiring Croatiaʼs Splitska Banka, Hungarian news agency MTI reported.

OTPʼs Croatian branch. (Photo: LaMography/Moni Lazar)

Last yearʼs strong earnings and OTPʼs EUR 8 billion in liquidity reserves give it the wherewithal to weigh such acquisitions, Csányi said. 

Deputy CEO László Wolf said OTP had made a binding bid to buy Romaniaʼs Banca Românească, as well as a non-binding offer for a Serbian financial institution, which he did not name.

OTP closed the acquisition of Splitska Banka from Franceʼs Société Générale on Monday. It announced the deal late last year.

Splitska Banka stands to benefit from tourism developments along the Adriatic coast, where it enjoys a strong position, Csányi said. With the acquisition, OTPʼs market share in Croatia will rise to 11%, he added.

OTP has been present in Croatia since 2005. It expects to integrate Splitska Banka, the countryʼs fifth biggest bank, with its present business in the country by the summer of 2018.

ADVERTISEMENT

Czech economic confidence weakens in November Analysis

Czech economic confidence weakens in November

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

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.