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OTP named Euromoneyʼs ‘Best Bank’ in CEE, Hungary

U.K. monthly business and finance magazine Euromoney has named OTP Bank the “Best Bank” in both Hungary and the CEE region in 2018, says a press release sent by the Hungarian bank to the Budapest Business Journal.

Photo by Tupungato/Shutterstock.com

Hundreds of banks from more than 100 countries took part in the competition, where institutions were evaluated according to their size, activities, profit, growth, and performance compared to other competitors, according to the press release. Flexibility towards market conditions and client requests were also taken into consideration.

According to the press statement, Euromoney said OTP Group’s stable supply of capital and beneficial performance indicators provided a “unique advantage” in the reorganization of the CEE region’s banking sector in the last few years. As a result, it added, OTP was able to complete several acquisitions in the past few years.

While the integration process of different banks comes with challenges, OTP’s Deputy CEO László Wolf asserted that “[OTPʼs] well-prepared integration team plays a key role in completing successful acquisitions.”

The group posted a corrected, after-tax result of HUF 284.1 billion in 2017, 41% higher than a year before, OTP said. The group attributed the success to both the Hungarian market, which it said provided an excellent environment, and its branches in Bulgaria, Croatia, Russia, and Ukraine.

Digitalization is an important part of OTP’s new business strategy, aimed at making the bank a universal player on the market.

“We believe that apart from high-quality digital services, we have to be present on the market with an extended network of branches to retain clients’ trust,” said Wolf. “The branches still possess a significant role, but their function is constantly transforming, and providing advisory services to our clients is coming to the fore.”