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Hungary’s OTP sells Slovak lease unit, halts lease expansion

  Merkantil Bank, OTP Bank’s lease finance unit, has sold its Slovakian subsidiary and suspended its expansion into Russia, Ukraine and Kazakhstan due to the global financial crisis, OTP said on Monday.

 

“The demand for loans has been decreasing, while the refinancing conditions have significantly deteriorated,” OTP said in a statement. “Hence, Merkantil Bank currently focuses on the Hungarian market and for the time being suspended its expansion in Russia, Ukraine and Kazakhstan,” it added.

OTP said the Slovak lease finance unit was sold to the Czech subsidiary of Sofinco, Credit Agricole’s consumer finance arm, for an undisclosed sum. (Reuters)