The Central Bank of Hungary recommended OTP Bank reduce its activities in Russia. A message about this appeared on the website of the national regulator.

The Central Bank of Hungary recommended OTP Bank to reduce its activities in the Russian Federation

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The Central Bank of Hungary recommended that OTP Bank reduce the volume of corporate loans and deposits at its Russian subsidiary, OTP Bank.

To this, OTP Group responded to the regulator that the subsidiary’s share in the Russian loan market at the end of the first quarter of 2024 was only 0.14%, and its share in the entire group was just over 4%. .

The Hungarian bank does not carry out customer transactions in dollars associated with Russia and does not carry out payment transactions with the participation of the Russian Federation outside the European Economic Area and the United Kingdom.

Let us note that for several months the ECB has been increasing pressure on European banks operating in Russia.

We previously wrote that OTP Bank created a subsidiary to process installment purchases. The financial institution plans to launch a new product in the second quarter of 2024.

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Nikolai Tikhonov

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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