Hungary’s OTP Bank has set its sights on central Asia for potential acquisitions, aiming to replicate its expansion drive from eastern Europe, reported Bloomberg citing its CEO Peter Csanyi.
The interest in the region comes after OTP’s acquisition of Ipoteka Bank in Uzbekistan in 2023.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In an interview with the news agency, Csanyi said: “We like central Asia, it has been on our radar because of the strong fundamentals.
“As we got more familiar with the region, we see a lot more opportunities.”
Although specific targets were not named, there have been discussions between OTP’s management and Kazakh officials about entering the Kazakh market, the news publication added.
The Kazakh embassy in Budapest stated that Deputy CEO Laszlo Wolf met with Ambassador Abzal Saparbekuly in January to consider “opportunities for Hungarian companies in Kazakhstan.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOTP Bank operates in 11 countries, including Russia and Ukraine, with overseas branches generating more than three-quarters of its profits, the report added.
OTP has spent over two decades expanding through acquisitions, purchasing Slovenia’s second-largest lender for approximately $1bn from Apollo Global Management in 2021.
It also acquired Societe Generale’s subsidiaries across Albania, Bulgaria, Serbia, Moldova, Montenegro and Slovenia between 2018 and 2019.
In recent years, OTP’s strategy has been to focus on markets where it can secure a leading position and withdraw from countries where scale cannot be achieved, the report noted.
This approach saw OTP exit Romania in 2024.
Dividend payments and share buyback plans will depend on whether future acquisitions are realised, Csanyi previously told Bloomberg.
Last week, Csanyi said: “Given our strong organic growth, we can be selective in what we look at. We don’t need to do M&A if the price or the target is not right.”
