View source for OTP Bank

{{Short description|Hungarian financial services provider}}
{{Infobox company
| name = OTP Bank Nyrt.
| logo = Otp bank Logo.svg
| logo_size = 150px
| image = OTP HQ Budapest.jpg
| image_caption = OTP head office in Budapest, Nádor utca 21 (erected 1910 for the Ugriai-Nasici Fabank timber company<ref>{{cite web |title=Az egykori Ugriai-Nasici Fabank épületdíszei |website=Köztértép |url=https://www.kozterkep.hu/31424/az-egykori-ugriai-nasici-fabank-epuletdiszei |author=Vera Göröntsér |date={{date|2017/06/01}}}}</ref>)
| type = [[Public company|Public]]
| traded_as = {{Budapest Stock Exchange|OTP|isin=HU0000061726}}<br />[[BUX|BUX Component]]<br />[[CETOP20|CETOP20 Component]]
| industry = [[Banking]], [[Financial services]]
| location_city = [[Budapest]]
| location_country = [[Hungary]]
| foundation = *{{start date and age|df=yes|1839}} Creation of [[First National Savings Bank of Pest]] {{start date and age|df=yes|1949|03|01}} established as OTP Bank
| area_served = [[Central and Eastern Europe]], [[Central Asia]]
| key_people = {{ubl|[[Sándor Csányi (banker)|Sándor Csányi]] <br />{{small|(Chairman & CEO)}}}}
| products = [[Retail banking|Consumer banking]], [[Commercial bank|corporate banking]], [[credit card]]s, [[Financial services|finance and insurance]], [[foreign currency exchange]], [[investment banking]], [[mortgage loan]]s, [[private banking]], [[private equity]], [[wealth management]]
| revenue = {{Increase}} [[Hungarian Forint|HUF]] 624.7&nbsp;billion (2018)<ref name="ar2018">{{cite web |title=Financial Statements |url=https://www.otpbank.hu/static/portal/sw/file/Annual_Report_2018_4.pdf |website=OTP Bank |access-date=8 November 2019 |archive-date=8 November 2019 |archive-url=https://web.archive.org/web/20191108140015/https://www.otpbank.hu/static/portal/sw/file/Annual_Report_2018_4.pdf |url-status=dead }}</ref>
| net_income = {{Increase}} HUF 318.3&nbsp;billion (2018)<ref name="ar2018"/>
| operating_income = {{Increase}} HUF 352.2&nbsp;billion (2018)<ref name="ar2018"/>
| assets = {{Increase}} HUF 14,590.3&nbsp;billion (2018)<ref name="ar2018"/>
| equity = {{Increase}} HUF 1,826.7&nbsp;billion (2018)<ref name="ar2018"/>
| num_employees = 41,128 (2018)<ref name="ar2018"/>
| subsid = [[DSK Bank]], [[Crnogorska komercijalna banka|Crnogorska Komercijalna banka]], ''see full list in OTP Group section''
| homepage = {{URL|https://www.otpbank.hu/portal/en/home|otpbank.com}}
}}

'''OTP Bank Group''' is the largest commercial bank of [[Hungary]] and one of the largest independent financial service providers in [[Central and Eastern Europe]], with banking services for private individuals and corporate clients. The OTP Group comprises subsidiaries in the field of insurance, real estate, factoring, leasing and asset management, investment and pension funds. Besides Hungary, OTP Group operates in 11 countries of the region via its subsidiaries: in [[Albania]] (Banka OTP Albania SHA), in [[Bulgaria]] ([[DSK Bank]]), in Croatia (OTP banka d.d.), in [[Romania]] (OTP Bank Romania), in Serbia ([[OTP Banka Srbija]]), in Slovenia (OTP banka d.d.), in [[Ukraine]] (OTP Bank JSC), in [[Moldova]] (OTP Bank S.A.), in [[Montenegro]] (Crnogorska komercijalna banka), in [[Russia]] (OAO OTP Bank), and in [[Uzbekistan]] (JSCMB Ipoteka Bank).<ref>{{cite web|url=https://www.otpbank.hu/portal/en/AboutUs/OTPGroup|title=OTP Group|access-date=2024-05-16}}</ref>

{{As of|2018|post=,}} OTP Group had more than 36,000 employees, 13 million clients, and over 1,500 branches.<ref>{{cite web|url=https://www.otpbank.hu/portal/en/OTPGroup|title=OTP Bank — Magánszemélyek|website=www.otpbank.hu|access-date=26 April 2018|url-status=live|archive-url=https://web.archive.org/web/20140810050000/https://www.otpbank.hu/portal/en/OTPGroup|archive-date=10 August 2014}}</ref> OTP is the largest [[commercial bank]] in [[Hungary]] with over 25% market share.<ref>{{cite web|url=https://www.otpbank.hu/portal/en/OTPGroup/OTPBank|title=OTP Bank — Magánszemélyek|website=www.otpbank.hu|access-date=26 April 2018|url-status=live|archive-url=https://web.archive.org/web/20131203002731/https://www.otpbank.hu/portal/en/OTPGroup/OTPBank|archive-date=3 December 2013}}</ref>

'''OTP''' stands for '''O'''rszágos '''T'''akarék '''P'''énztár ({{Literal translation|Nationwide Savings Bank}}), which indicates the original purpose of establishment of the bank. OTP went public in 1995 and has a high [[free float]] shareholder structure (55.27% of its shares are hold by foreign shareholders) ; its largest shareholers are Hungarian [[MOL Group]] with 8.57% and French [[Groupama]] with 5.10%.<ref>{{cite web |url=https://www.otpgroup.info/investor-relations/shares/ownership-structure |title=Ownership structure |access-date=9 July 2025}}</ref>

==History==

The oldest antecedent of OTP Bank was the [[First National Savings Bank of Pest]], established in 1839–1840 and nationalized in 1948. In 1949, the latter's operations were transferred to the newly established Hungarian National Savings Bank Company ({{langx|hu|Országos Takarékpénztár Nemzeti Vállalat}}), one of the country's four main financial institutions alongside the [[Hungarian National Bank]], the Hungarian Investment Bank (renamed the State Bank for Development in 1972 and liquidated in 1987),{{R|Lengyel|p=386}} and the [[MKB Bank|Hungarian Foreign Trade Bank]].<ref name=Lengyel>{{citation |title=The Hungarian Banking System in Transition |author=Imre Lengyel |journal=GeoJournal |volume=32 |date=April 1994 |issue=4 |pages=381–391 |doi=10.1007/BF00807358 |jstor=41146180 |s2cid=150554109 |url=https://www.jstor.org/stable/41146180 |url-access=subscription }}</ref>{{rp|382}} Until 1987 the National Savings Bank was the only retail bank in Hungary.<ref>{{Cite web|title=Company profile|url=https://bse.hu/pages/company_profile|access-date=2020-07-24|website=Bet site|language=en}}</ref> Since 1989 the bank operated as a multi-functional commercial bank with the authorization to provide commercial loans and banking services for banks and import- export transactions.<ref>{{Cite web|title=OTP Bank - History|url=https://www.otpbank.hu/portal/en/AboutUs/History|access-date=2020-07-24|website=www.otpbank.hu}}</ref>

In 1990, the National Savings Bank became a state-owned joint-stock company with a share capital of HUF 23 billion. Its name was changed to the National Savings and Commercial Bank. Subsequently, non-banking activities were separated from the bank, along with their supporting organisational units. The state lottery was reorganized into a separate state-owned company and OTP Real Estate was established as a subsidiary of the bank.{{Citation needed|date=February 2023}}
[[Image:Otp bank Logo old.svg|thumb|150px|left|OTP Bank logo used between 1991 and 2007]]

OTP Bank's privatization began in the year 1995. As a result of 3 public offers along with the introduction of the bank's shares into the Budapest Stock Exchange the state's ownership in the bank decreased to 25 percent by 1995, then to a single voting preference (golden) share by 1999 (maintained until 2007).<ref name=Vass>{{citation |title=Member banks of the Hungarian Banking Association |author=Péter Vass |url=https://www.bankszovetseg.hu/Public/gep/2019/ENG/081-125%20peter%20vass_doi.pdf |date=March 2019 |volume=6 |journal=Economy and Finance (GÉP) |issue=1 |publisher=Hungarian Banking Association |location=Budapest |pages=90–91}}</ref>

In 1995, OTP purchased Merkantil Bank, created in 1988 mostly as a vehicle finance provider, from its parent [[K&H Bank]]. OTP then started an international expansion targeting countries in Central and [[Eastern Europe]], namely in [[Slovakia]] (2002), [[Bulgaria]] (2003), [[Romania]] (2004), [[Croatia]] (2005), [[Ukraine]], [[Russia]], [[Serbia]] and [[Montenegro]] (2006). 

In 2008, Paris-based [[Groupama]] acquired OTP's insurance business. As part of the transaction, they resolved to collaborate in strategic points and cross sell their financial and insurance products. Groupama S.A. thus acquired 8% of shares of OTP Group. This transaction allowed OTP to avoid the need of state recapitalization during the [[2008 financial crisis]]; OTP only took liquidity support from the state, entailing temporary government interference in its governance, and was able to repay it fully by 2010.<ref name=Vass/>

In April 2014, it was announced that OTP Bank was close to a deal to acquire the Hungarian [[MKB Bank]] from German firm [[BayernLB]],<ref>{{cite news| url=https://www.reuters.com/article/us-otp-bk-mkb-bank-idUSBREA370HK20140408| title=Hungary's biggest bank OTP nearing deal to buy MKB| publisher=Reuters| date=8 April 2014| url-status=live| archive-url=https://web.archive.org/web/20150924195628/http://www.reuters.com/article/2014/04/08/us-otp-bk-mkb-bank-idUSBREA370HK20140408 | archive-date=24 September 2015}}</ref> which however was not executed. French [[Axa Bank Europe]] announced in February 2016 it has entered into an agreement with OTP Bank to sell its Hungarian banking operations, which is considered as medium-sized bank in Hungary.<ref>{{cite news| url=http://www.intellinews.com/otp-agrees-to-buy-axa-s-hungarian-banking-unit-89925/?source=bne-banker| title=OTP agrees to buy Axa's Hungarian banking unit| publisher=IntelliNews| date=2016| url-status=live| archive-url=https://web.archive.org/web/20160404103744/http://www.intellinews.com/otp-agrees-to-buy-axa-s-hungarian-banking-unit-89925/?source=bne-banker| archive-date=2016-04-04}}</ref>

In 2019, OTP Bank entered into an agreement to purchase [[MobiasBanca]] of [[Moldova]]. The agreement was finalized on 25 July 2019.<ref>{{Cite press release |url=https://mobiasbanca.md/en/newsitem/en/closing-financial-transaction-acquisition-moldova |title=Closing the financial transaction of the acquisition in Moldova |publisher=Mobiasbanca – OTP Group S.A.&#124; Prima bancă cu capital străin din Moldova. Cele mai accesibile credite, carduri |access-date=2019-07-26 |archive-date=2019-07-26 |archive-url=https://web.archive.org/web/20190726082929/https://mobiasbanca.md/en/newsitem/en/closing-financial-transaction-acquisition-moldova |url-status=dead }}</ref>

In March 2022, due to [[international sanctions during the Russo-Ukrainian War]], OTP Bank stopped financing its Russian branch.<ref>{{Cite web|url=https://tass.ru/ekonomika/14114649|title=OTP Bank прекращает финансирование подразделения в России|language=ru|date=2022-03-18|publisher=[[ТАСС]]}}</ref>

On December 12, 2022, in [[Tashkent]], OTP Bank signed an agreement on the privatization of 75% of the Joint-Stock Commercial Mortgage Bank "Mortgage bank". It is planned to close the deal in the first half of 2023, although the amount has not yet been disclosed.<ref>{{Cite web|url=https://uz.kursiv.media/2022-12-12/vengerskij-otp-bank-priobretaet-ipoteka-bank/|title=Венгерский OTP Bank приобретает «Ипотека-банк»|website=uz.kursiv.media|date=2022-12-12}}</ref> 73.41% of the shares in Ipoteka Bank JSCM were acquired from the Uzbekistan government in June 2023.<ref>{{cite web |title=OTP Bank officially becomes owner of Ipoteka-Bank |url=https://tashkenttimes.uz/finances/11271-otp-bank-officially-becomes-owner-of-ipoteka-bank |date=13 June 2023}}</ref>

=== Controversy ===
On 5 May 2023, Ukrainian authorities added OTP bank onto its list of ''international sponsors'' of the [[Russo-Ukrainian War]],<ref>{{Cite web|url=https://dailynewshungary.com/hungarys-otp-bank-outraged-that-ukraine-listed-it-as-international-sponsor-of-war/|title=Hungary's OTP Bank outraged that Ukraine listed it as international sponsor of war|date=2023-05-13}}</ref> which the bank refutes. The Government of Hungary backed the bank stating that it would block any further [[European Union Military Assistance Mission in support of Ukraine|EU aid to Ukraine]] until the bank is withdrawn from the list.<ref>{{Cite web|url=https://www.devdiscourse.com/article/law-order/2455003-hungary-demands-ukraine-must-allow-otp-bank-to-operate-in-return-for-eu-military-support|title=Hungary demands Ukraine must allow OTP Bank to operate in return for EU military support|date=2023-05-17}}</ref> The bank was removed from the list in September 2023.<ref>{{ cite web |title=Kyiv removes Hungary's OTP Bank from blacklist in bid to unlock EU aid |url=https://www.politico.eu/article/ukraine-nacp-removes-hungary-bank-otp-blacklist-unlock-eu-military-aid/ |date=30 September 2023 }}</ref>

== OTP Group ==
[[File:Countries with OTP Bank.png|upright=1.35|thumb|Map of countries with OTP Bank branches marked in green.]]
[[File:Bank Center, Budapest, Lipótváros, Hungary - panoramio (2).jpg|thumb|The building of the OTP international headquarters and the Budapest Stock Exchange]]
The Bank hosts an international organisation called the OTP group. The several parts of the group work in different areas of business.
{| class="wikitable sortable"
|-
| OTP Bank Nyrt. || Universal Bank
|-
| Merkantil Bank Ltd. || Personal Loans
|-
| Merkantil Car Ltd. || Auto Leasing
|-
| Merkantil Lease Ltd. || Leasing
|-
| OTP Building Society Ltd. || Savings Bank
|-
| OTP Mortgage Bank Ltd. || Mortgage Bank
|-
| [[DSK Bank]] (Банка ДСК) || Universal Bank ([[Bulgaria]])
|-
|[[:hr:OTP banka Hrvatska|OTP Banka Hrvatska d.d. Split]]|| Commercial Bank ([[Croatia]])
|-
|[[OTP Banka Srbija|OTP Banka Srbija a.d. Novi Sad]]
|Commercial Bank ([[Serbia]])
|-
|Crnogorska komercijalna banka a.d.
|Commercial Bank ([[Montenegro]])
|-
| OTP Bank JSC [[Ukraine]]
|Commercial Bank (Ukraine)
|-
| OTP Capital || Asset Management Company (Ukraine)
|-
| OTP Bank JSC [[Russia]]
|Commercial Bank (Russia)
|-
|[[OTP Bank (Moldova)]]
|Commercial Bank ([[Moldova]])
|-
|OTP banka d.d. 
|Commercial Bank ([[Slovenia]])
|-
|OTP Bank Albania SHA 
|Commercial Bank ([[Albania]])
|-
| OTP Fund Management Ltd. || Investment Fund
|-
| OTP Real Estate Fund Management Ltd. || Investment Fund
|-
| Hungarian International Finance Ltd. || International Financing
|-
| OTP Real Estate Ltd. || Construction and sale of properties
|-
| OTP Lakáslízing  || Mortgage 
|-
| OTP Factoring Ltd. || Factoring, forfeiting
|-
| OTP Factoring Trustee Ltd. || Evaluation and sale of properties
|-
| OTP Pension || Non-government Pension Fund ([[Ukraine]])
|-
| OTP Health Fund ||  Health Fund
|-
| OTP Travel Ltd. || Travel Agency
|-
| OTP Életjáradék Zrt.	 ||  Pension Fund
|-
| OTP Bank Uzbekistan|| Ipoteka-Bank ([[Uzbekistan]])
|}

==Gallery==
<gallery class="center">
File:OTP Fiók - Andrássy út 83-85 szám, 2012.05.19.JPG|OTP Bank in [[Andrássy Avenue]], [[Budapest]], [[Hungary]]
File:OTPBank Uitz Béla Street Miskolc01.jpg|OTP Bank in [[Miskolc]], [[Hungary]]
File:OTP bank, Hajdúszoboszló.JPG|OTP Bank in [[Hajdúszoboszló]], [[Hungary]]
File:OTP Moscow.JPG|OTP Bank in [[Moscow]], [[Russia]]
File:OTP banka.jpg|OTP Bank in [[Makarska]], [[Croatia]]
File:Будинок Магнера.jpg|OTP Bank in [[Odesa]], [[Ukraine]]
File:OTP Bank, Bratislava.JPG|OTP Bank in [[Bratislava]], [[Slovakia]]
File:Ipolyság037.JPG|OTP Bank in [[Šahy]], [[Slovakia]]
File:Slovenia OTPBanka.jpg|OTP building in [[Ljubljana]], [[Slovenia]]
File:West gate tower A- splitska banka d.d.jpg|OTP Splitska banka in [[Split, Croatia]]
File:Pilisvörösvár, Fő utca 60, OTP Bank.jpg|OTP bank Pilisvörösvár, Hungary
</gallery>

==See also==
{{Portal|Banks|Companies}}
* [[K&H Bank]]
* [[MKB Bank]]
* [[CIB Bank]]
* [[List of banks in Hungary]]

==References==
{{Reflist}}

==External links==
{{Commons category-inline}}
*{{Official website|https://www.otpbank.hu/portal/en/home }}

{{BUX companies}}
{{Members of Euro Banking Association}}
{{Banks of Hungary}}
{{Online brokerages}}
{{Authority control|state=expanded}}

[[Category:Banks established in 1949]]
[[Category:Banks of Hungary]]
[[Category:Companies based in Budapest]]
[[Category:Companies listed on the Budapest Stock Exchange]]
[[Category:Companies in the Central European Blue Chip Index]]
[[Category:Hungarian brands]]
[[Category:1949 establishments in Hungary]]