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OTP Bank ceases operations in Crimea region

World

OTP Bank officials have notified local media that operations in the Crimea region of Ukraine will be ceased, effective tomorrow, due to legal uncertainty resulting from the political situation in the region.

An official statement sent from the bank to national news service MTI stated in part that “several Russian laws governing the operation of the financial system in the Crimea that are contradictory to the existing Ukrainian regulation have [gone into] effect.”

Bank branches based in other areas of the country will remain open, per an announcement by OTP Bank Ukraine CEO Tamás Hak-Kovács.

OTP currently operates six branch banks in the Crimea region and 140 total in Ukraine.

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