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OTP Bank wants bank rescue package like Austria’s

  OTP Bank would like to see a bank rescue package that is similar to the one in Austria -- one that provides banks liquidity without attaching conditions -- introduced in Hungary, CEO Sándor Csányi said on Friday, after the bank published its Q4 earnings report.

“[OTP Bank] does not need to be rescued, but in our current liquidity situation, we cannot ensure the necessary resources to assist the Hungarian economy,” Csányi said. OTP Bank is seeking opportunities to access resources ensured by the IMF, he added.

The Austrian bank rescue package is different from the Anglo-Saxon one in that it assures banks necessary liquidity without any attached conditions, Csányi explained. “We would like something close to the Austrian model,” he said.

OTP Bank is in talks with the European Bank for Reconstruction and Development (EBRD) on cooperation, but this certainly does not involve the issue of new OTP Bank shares, Csányi said. He declined to offer any further details.

Csányi would neither confirm nor deny reports OTP Bank is in talks on the sale of its Ukrainian unit, though he said, “There is a 50-50 chance that the unit structure of OTP Group will change,” responding to the question about the reports.

The position of OTP Bank’s units is stable, and the situation of the unit in Ukraine is much better than a number of analysts think, Csányi said. It is one of the best bank’s in Ukraine, with an excellent management, network and system of risk management. (MTI-Econews)