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Hungary’s OTP Plans New Acquisitions in CEE and Central Asia, CEO Says

2023. december 13.

bne IntelliNews

Hungary’s leading lender eyes new acquisition in region and Central Asia, and the bank has the resources thanks to record earnings, CEO Sandor Csanyi told Bloomberg.

OTP made its first expansion outside of Europe in 2023, buying Uzbek Ipoteka Bank and has signalled further acquisitions in the region, confirmed by the 70-year-old bank leader in the interview. This is just the beginning, according to Csanyi, who said that the lender is exploring potential targets in Azerbaijan, Georgia, and Kazakhstan.

The bank is exploring the possibility of increasing its market share in Ukraine, however, he ruled out entering the Polish market until the long-running foreign currency loan dispute is resolved. This is a major risk for banks, he added.

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