Hungary's bank OTP plans expansion in CIS.

By bne IntelliNews June 16, 2011
Hungary's biggest bank OTP Group plans to expand its activities on new markets and mulls acquiring units in some CIS republics, namely Kazakhstan and Turkmenistan, the bank's director Sandor Csanyi told Russian newspaper Vedomosti in an interview. Csanyi noted that OTP is interested only in banks that have at least 10% market share and appropriate deposit base. More acquisitions are also possible in Romania, Serbia, Croatia and Slovakia, where the Hungarian bank group could further expand its market presence. In terms of market penetration, OTP will strive to maintain and increase the market shares of its subsidiaries in Russia, Bulgaria, Ukraine and Montenegro. Regarding the unfinished acquisition of a bank in Azerbaijan, Csanyi explained it was due to the new priorities during the financial crisis, namely accumulating reserves and providing the required liquidity for the bank's activities.

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