Hungary’s OTP Bank has expanded its foreign operations through the setting up of a property unit in Croatia, a voluntary-pension-fund administrator unit in Ukraine and an assets-management unit in Romania, a resolution of Hungarian financial market watchdog PSZÁF published on Thursday revealed.
OTP Bank has been present in Romania since 2004, in Croatia since 2005 and in the Ukraine since 2006. In the resolution dated June 20, PSZAF approved OTP Bank’s acquisition of a 100% indirect stake in the Split, Croatia-based property developer and trader Cresco and in the Kiev, Ukraine-based OTP Pensions Funds Administrator. PSZAF also approved OTP’s acquisition of an above-75%-stake in OTP Asset Management, based in Bucharest, Romania in the resolution.
The Croatian company Cresco has registered capital of HRK 30,000 and is wholly owned by OTP’s Hungarian property arm, OTP Ingatlan, OTP bank informed Econews. The Kiev-based OTP Pensions Funds Administrator has registered capital of 7.5 million hryvna (€1 million) and is 51% owned by OTP’s Hungarian fund-service arm OTP Pénztárszolgáltató, with the remaining 49% held by OTP’s Ukrainian bank unit CJSC OTP Bank.
The Bucharest-based unit OTP Asset Management has been set up 90.1% by the group’s Hungarian asset manager OTP Alapkezelő and 9.9% by OTP Bank Romania. The unit has registered capital of €500,000, OTP bank said. (MTI-Econews)