OTP Bank will definitely leave Slovakia

The banking institution has operated in Slovakia since 2002.

The Hungarian bank OTP has confirmed it will leave the Slovak banking market in spring 2020. The Hungarian bank OTP has confirmed it will leave the Slovak banking market in spring 2020. (Source: TASR)

The Hungarian bank OTP has decided to leave Slovakia’s banking sector for good this spring. Preliminary discussions on the departure started ten years ago.

In Slovakia, the bank has been in red numbers over the last five years. The OTP, for example, reported a loss of €3.97 million in 2018, as reported by the Hospodárske noviny daily.

Related articleOTP bank leaves Slovakia. Who will acquire the bank? Read more 

In addition, it did not succeed to increase its share on the Slovak banking market. On the contrary, a number of its clients dropped from 216,000 in 2016 to 193,000 two years later.

The OTP Bank has been present on the Slovak market since 2002. It now wants to focus on the banking market in Slovenia instead.

Moving to Slovenia

“Our goal is to increase our share on all the markets where we operate,” said OTP Bank CEO Sándor Csányi, as quoted by the HN daily.

The Hungarian bank acquired the Slovenian branch of the French Société Générale, SKB Bank, last December. The SKB Bank was the fourth largest banking institution in Slovenia in 2018.

The OTP aims to increase the Slovenian bank’s share on the local market to 25 percent at least. Today, the Hungarian bank operates in 12 countries around Europe.

Get daily Slovak news directly to your inbox

Top stories

News digest: Former state secretary describes the corruption at courts

Schools will definitely not open on Monday. Coronavirus vaccine could be available starting in mid-December. Slovakia joins campaign to fight violence against women.

The Presidential Palace lit in orange, to support the Orange the world! campaign.

One in five women has experienced violence

The situation is far from satisfactory, said President Čaputová.

Secret votes and public lies

There are uncanny echoes today of Slovakia’s agonies over its choice of chief prosecutor ten years ago.

Dobroslav Trnka (left) and Jozef Čentéš (right), the candidate who was eventually selected by MPs in 2011, never got to take up the post because the then president, Ivan Gašparovič refused to appoint him for reasons that were never clearly explained.

How a Catholic charity became a voice for migrants in Slovakia

Religious organisations have added leverage in changing perceptions of foreigners and migrants, says Caritas Slovakia.

Caritas Slovakia's ‘World Without “the Other” – Migration Myths’ campaign educates Slovaks on migration in a fun and artistic way.