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 articleRead 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.
8. Jan 2020 at 22:00 | Compiled by Spectator staff