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OTP Private Banking named best in region by The Banker

OTP Bank's private banking unit has been named "Best Private Bank in Central and Eastern Europe" by The Banker, a member of the Financial Times group, OTP Bank told MTI on Monday.

OTP Private Banking managed HUF 594.4 billion in assets for almost 16,500 clients at the end of September, OTP Bank said.

Since OTP Private Banking was established in 2002, its number of clients has doubled and the value of assets its manages has grown fivefold to account for 40% of wealth management assets in Hungary, The Banker said.

"In order to drive profit growth, heavily affected by decreasing revenue margins, OTP implemented cost-saving strategies aimed at allocating its resources more efficiently. These included the set up of a middle office, the development of a headcount model which aims at finding the right balance between generating profit margins, and providing adequate client care by estimating the optimal time an advisor should spend with each client," The Banker said.

"By increasing threshold limits - to €75,000 and €265,000 for its private banking and its prestige private banking customers, respectively - the bank stated its intention to focus on the wealthier and more valuable segments," the magazine added. (MTI-ECONEWS)