OTP Bank
OTP Bank
OTP Bank Group is the largest commercial bank of Hungary and one of the largest independent financial service providers in Central and Eastern Europe and with banking services for private individuals and corporate clients.
Glob.Revenue, mln.USD
6550
OTP Bank has a subsidiary bank in Russia. OTP Bank (Russia) is one of the Top 50 largest Russian banks, and is one of the leading retail banks. Assets are RUB 127,9 bln as of 01/07/2022, customer accounts are RUB 90.4 bln, net loans outstanding, incl. interbanks loans portfolio are RUB 102.3 bln. OTP Bank is represented in more than 135 (out of 1500 globally) locations in Russia and have more than 2.4 mln clients served by 13 300 employees.
The Company Statement
March 05, 2024
The Russian subsidiary is operating in compliance with the international sanctions. The company is winding down corporate lending. OTP Bank Plc. does not provide financing to its subsidiary in Russia (not verified + reinvesting profit is also a financing). OTP Bank has suspended transfers in US dollars. But the bank offers to convert dollars into euros for the transfer. The National Agency for the Prevention of Corruption (NACP) added the Hungarian OTP Bank to the list of war sponsors. At the end of September 2023 NACP suspended OTP Bank from the list of international sponsors of war while negotiations are underway. OTP Bank is in communication with the national agency and the European Commission in the process of implementing the exit plan from the Russian Federation. The subsidiary bank of the Hungarian OTP in Russia has increased profits by 150 times and is expanding its business. Russian companies have begun to move en masse to the Hungarian OTP Bank from the Austrian Raiffeisenbank after the latter introduced new restrictions on currency transfers on September 2, 2024.
| September 30, 2024 | Former Russian clients of Raiffeisen have found a way to transfer currency through OTP Bank |
| September 30, 2024 | Hungarian OTP becomes main bank for settlements with EU after Austrian Raiffeisen suspends transfers |
| June 17, 2024 | OTP Bank has suspended non-cash currency exchange operations |
| May 29, 2024 | Hungarian central bank recommends OTP take precautions, cites Russian unit |
| May 20, 2024 | ECB rushing banks to quit Russia - FT |
| March 06, 2024 | The subsidiary bank of the Hungarian OTP in Russia has increased profits by 150 times and is expanding its business |
| January 15, 2024 | Hungarian OTP Bank is in the process of exiting the Russian Federation — NACP |
| December 06, 2023 | OTP Bank has stopped accepting incoming transfers in euros from countries outside the EU |
| October 04, 2023 | For the first time, a foreign bank plans to withdraw profits from Russia. OTP Bank plans to withdraw dividends for the first half of the year (10.6 billion) in favor of the parent group from Hungary. |
| September 29, 2023 | Dialogue has started: NACP suspends 5 Greek shipping companies and OTP Bank from the list of international sponsors of war while negotiations are underway |
| June 27, 2023 | ECB Urges Banks to Speed Up Plans to Exit or Shrink Russia Units |
| May 13, 2023 | Hungary threatens to block EU sanctions until Ukraine removes OTP Bank from the list of war sponsors |
| May 04, 2023 | Lending to the occupiers: NAZK included the Hungarian OTP Bank in the list of war sponsors |
| May 04, 2023 | They lend to the occupiers: NAZK included OTP Bank in the list of international sponsors of the war |
| May 04, 2023 | International sponsors of war | War and sanctions |
| January 10, 2023 | Russian subsidiaries of Raiffeisenbank and OTP Bank provide credit holidays to the Russian military |
| November 23, 2022 | OTP Bank has suspended transfers in US dollars. But the bank offers to convert dollars into euros for the transfer |
| November 17, 2022 | OTP Bank entered the top 10 best employers in the Russian's Finance and Insurance industry |
| March 17, 2022 | OTP Group supports its Ukrainian bank |
| January 29, 2022 | Banks betting on Russia face a new test of their appetite |
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