Hungarian OTP bank officially on Serbian market

The largest Hungarian bank, OTP, officially starts working on Serbian market. The opening is scheduled for tomorrow (May 24, 2007) in Novi Sad.

The opening of OTP Bank Serbia, which bought Niška, Zepter and Kulska banka, will take place in the presence of the Head of the Executive Board and the General Manager of OTP, Szandor Czani.

On the basis of the proposal of the administration, the Assembly of stockholders of three Serbian banks made the decision two months ago about fusion into OTP bank Serbia. The headquarters of the bank will be settled in the building of former Kulska banka in Novi Sad’s Oslobođenja Boulevard.

Having merged three banks, OTP will be serving 285,000 clients in Serbia in total of 106 offices.

Current owners of OTP bank are portfolio investors and minor stockholders, but the State has so-called golden stock, which is important when the crucial decisions are made. The largest Hungarian bank has recently exceeded national frame and now has “daughters” in eight countries. OTP bought banks in Slovakia, Ukraine, Montenegro, Russia, Bulgaria, Croatia and Romania.