OTP Bank

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 Hungarian Foreign Trade Bank.{{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 }}{{rp|382}} Until 1987 the National Savings Bank was the only retail bank in Hungary.{{Cite web|title=Company profile|url=https://bse.hu/pages/company_profile|access-date=2020-07-24|website=Bet site|language=en}} 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.{{Cite web|title=OTP Bank - History|url=https://www.otpbank.hu/portal/en/AboutUs/History|access-date=2020-07-24|website=www.otpbank.hu}}

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

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).{{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}}

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.

In April 2014, it was announced that OTP Bank was close to a deal to acquire the Hungarian MKB Bank from German firm BayernLB,{{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}} 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.{{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}}

In 2019, OTP Bank entered into an agreement to purchase MobiasBanca of Moldova. The agreement was finalized on 25 July 2019.{{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.| Prima bancă cu capital străin din Moldova. Cele mai accesibile credite, carduri}}

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

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.{{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}} 73.41% of the shares in Ipoteka Bank JSCM were acquired from the Uzbekistan government in June 2023.{{cite web |title=OTP Bank officially becomes owner of Ipoteka-Bank |url=http://tashkenttimes.uz/finances/11271-otp-bank-officially-becomes-owner-of-ipoteka-bank |date=13 June 2023}}

On 5 May 2023, Ukrainian authorities added OTP bank onto its list of international sponsors of the Russo-Ukrainian War,{{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}} which the bank refutes. The Government of Hungary backed the bank stating that it would block any further EU aid to Ukraine until the bank is withdrawn from the list.{{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}} The bank was removed from the list in September 2023.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

File:Countries with OTP Bank.png

File:Bank Center, Budapest, Lipótváros, Hungary - panoramio (2).jpg

The Bank hosts an international organisation called the OTP group. The several parts of the group work in different areas of business.

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: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

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