OTP Bank Nyrt. (OTP Bank Group) history, profile and corporate video
OTP Bank Nyrt. (OTP Bank Group) is a banking and financial services company headquartered in Budapest, Hungary.
HISTORY
The predecessor of OTP Bank, called the National Savings Bank (Országos Takarék Pénztár), was established in 1949 as a nation-wide, state-owned, banking entity providing retail deposits and loans.
In the ensuing years, the bank was authorized to enter into real estate transactions, and extended to provide domestic foreign currency accounts and foreign exchange services. It also started providing banking services for Hungarian municipalities.
Since 1989, the bank has operated as a multi-functional commercial bank. In addition to its retail and municipal activities, the bank has been authorized to provide commercial loans and banking services for correspondent banking and export-import transactions.
In 1990, the National Savings Bank became a public company, and change its name to the National Savings and Commercial Bank. Subsequently, non-banking activities were separated from the bank. The state lottery was reorganized into a separate state-owned company and OTP Real Estate was established as a subsidiary of the bank.
OTP Bank’s privatization began in 1995, and after completing its privatization process, OTP Bank started its international expansion targeting countries in the Central and Eastern Europe (CEE) region.
In 2008, the French insurance company, Groupama S.A., acquired OTP Garancia, OTP Bank’s insurance business line. As part of the transaction, the two companies resolved to collaborate in strategic points and cross-sell their financial and insurance products. Groupama S.A. has also acquired shares of OTP Group.
In 2019, OTP Bank acquired MobiasBanca of the Republic of Moldova.
SUBSIDIARIES
OTP Group provides its universal financial services through its subsidiaries.
In Hungary, the traditional banking services are provided by the Bank, while the specialized services, including car leasing and investment funds, are provided by the Bank’s subsidiaries. The insurance products are supplied in strategic collaboration with the French insurance company, Groupama.
- OTP Bank
- Merkantil Group
- OTP Fund Management
- OTP Building Society
- OTP National Health Fund
- OTP Pension Fund
- OTP Travel
- OTP Real Estate Lease
- OTP Real Estate
- OTP Real Estate Fund Management
- OTP Mortgage Bank
- OTP Hungaro-Projekt
- OTP Factoring
- OTP Factoring Asset Management
Besides Hungary, OTP Group operates in Albania (Banka OTP Albania), Bulgaria (DSK Bank), Croatia (OTP banka d.d.), Romania (OTP Bank Romania), Serbia (OTP banka Srbija), Ukraine (CJSC OTP Bank), Russia (OAO OTP Bank), Moldova (Mobiasbanca), Montenegro (Crnogorska komercijalna banka) and Slovenia (SKB banka) via its subsidiaries.
With more than 37,000 employees, OTP Bank Group is considered one of the largest commercial banks in Hungary and one of the largest financial service providers in Central and Eastern Europe (CEE). According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.otpbank.hu/portal/en.
**Video published on YouTube by “OTP banka d.d.“.