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OTP Bank Romania offers preferential conversion option to CHF loan holders

MNB

jessica fejos

OTP Bank Romania has offered partial debt cancellation and lower interest rates to its more than 10,000 Swiss franc loan holders if they agree to convert their loans to Romanian lei or euros at the daily exchange rate, OTP Bank Romania said today.

As part of the three-month conversion program, 80% of the 10,500 Swiss franc loan holders could have their principal debt cut by between 17.5% and 25%, resulting in a 20% reduction in installment payments compared to last December (prior to the January increase in the Swiss franc exchange rate) with interest rates lowered to the current RON or EUR interest rates.

OTP Bank set aside provisions of HUF 30 billion for the conversion program in the third quarter.

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