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.

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