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Hungary's OTP Bank aims to boost Romanian market share to up to 8 pct - report
October 6, 2017 / 5:59 AM / 11 days ago

Hungary's OTP Bank aims to boost Romanian market share to up to 8 pct - report

BUCHAREST, Oct 6 (Reuters) - Hungary’s OTP Bank aims to boost its market share in Romania to up to 8 percent, OTP Group Chief Executive Sandor Csanyi was quoted as saying in a media report on Friday.

“In all the countries we are operating in, our target is a market share of 10 percent,” Csanyi was quoted as saying by daily Ziarul Financiar. “However, I don’t think we will reach 10 percent in Romania in the next 20 years.”

“I would be happy with 7-8 percent in Romania. Our main objective at group level is to become the largest bank in the region.”

After Hungary lifted its special taxes on the financial sector, OTP Bank has begun to expand in the region and Csanyi has said it was looking to buy five or more banks in the next two years.

OTP Bank signed an agreement in July with National Bank of Greece to purchase Banca Romaneasca. The transaction is expected to close in 2018 and boost OTP’s Romanian market share to about 4 percent. (Reporting by Luiza Ilie; Editing by Amrutha Gayathri)

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