OTP Bank still biggest player on local council market
Sunday, September 25, 2005, 00:00
Almost 75% of Hungary's local councils keep their accounts at OTP Bank Rt, and the bank has kept its share of the market in spite of growing competition, OTP CEO Sándor Csányi told a conference of local councils in Budapest on Friday. OTP had 52.5% of the banking sector's stock of local council loans, or Ft 104.5 billion, at the end of June, and 61.6% of the total stock of local council deposits, or Ft 106.1 billion, Csányi said. Csányi said that the stock of local council loans has grown as cities and towns spend more on developments, noting that OTP Bank unit OTP Hungaro-Project has been set up to assist local councils successfully apply for more development funding.