Equity
Hungary ditches plan to sell Serbian arm, targets 5% market share instead
“OTP's approach to Serbia changed in 2009 as it became clear that the banking sector in Serbia is very strong and that some other markets carried more risk," executive board member Laura Fodor Ágoston told Reuters on the sidelines of a bankers forum.
Prior to the global financial turmoil that hit the Balkans in October 2008, OTP, which had bought and merged three small banks in Serbia, wanted to sell the business.
"But OTP has given up that idea to sell," Ágoston told Reuters. "Instead, the aim is now to increase the market share to 5% in the next five years." Growth is likely to be gradual and without acquisitions, she said.
According to central bank figures, OTP Banka had a 2.36% market share at the end of September with total assets of around EUR 500 million (USD 679 m), ranking 15th out of 34 banks in Serbia.
Prior to the global financial turmoil that hit the Balkans in October 2008, OTP, which had bought and merged three small banks in Serbia, wanted to sell the business.
"But OTP has given up that idea to sell," Ágoston told Reuters. "Instead, the aim is now to increase the market share to 5% in the next five years." Growth is likely to be gradual and without acquisitions, she said.
According to central bank figures, OTP Banka had a 2.36% market share at the end of September with total assets of around EUR 500 million (USD 679 m), ranking 15th out of 34 banks in Serbia.
