OTP Bank may sell Russian subsidiary

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The Hungarian OTP Bank is considering selling its Russian subsidiary, OTP Bank. This is reported in the report (.pdf) organizations.

“OTP’s management applies the ‘going concern’ principle, but in Russia management is considering all potential options that do not reduce shareholder value, including the sale of the Russian enterprise at an acceptable price,” the report says. The company notes that a possible sale could have a positive impact on shareholders.

In May, Reuters reported pressure on OTP Bank to sell its business in Russia. According to representatives of the bank, the Ukrainian draft law on raising taxes on enterprises with Russian subsidiaries by 1.5 times may complicate the work of the division in Russia. It was reported that OTP Bank began to curtail its activities in Russia in case of a possible exit from the country.

OTP Group is a Hungarian banking group. The subsidiary OTP Bank was established in Russia in 1994. In March 2022, the head office of the group announced the termination of investments in the development of the subsidiary.

Lusine Balasyan

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