Hungarian OTP Bank to set up factoring company in Montenegro.

By bne IntelliNews August 13, 2010
Hungarian OTP Bank will establish factoring company OTP Factoring Montenegro, which will be the first establishment of this kind in the country, local media reported. The new firm will buy bad loans from the major Montenegrin lender, CKB. OTP is a 100% owner of CKB. We note that the local banking system witnessed a rapid increase of bad loans during the economic crisis, which was rather expected, having in mind the impressive lending expansion in the previous couple of years.

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