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OTP group could sell OTP Bank RomaniaUpdated: 19-09-2008 |
Hungarian OTP financial group, majority shareholder of OTP Bank Romania (1.4 percent market share), could sell the branch if it does not yield a profit. Shareholders have decided to stop the expansion process in Romania.
OTP also announced its intention to sell the Serbian, Montenegrin, Croatian and Slovak branches.
OTP group's Chief Financial Officer, Laszlo Urban, said the branches, all portfolio investments, will not necessarily be sold, but will be subject to a periodic evaluation to ensure they are profitable.
OTP Bank Romania posted losses worth €5.07 million in the first half of 2008. The Romanian market has greater potential than the Croatian and Montenegrin markets, but the bank's local branch had poor results, lower even than OTP Bank Slovakia.
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