Csanyi, head of OTP Group: We need acquisitions
Sandor Csanyi, head of OTP Bank, the biggest Hungarian financial
group, has secured agreement from shareholders to retain earnings
for 2009, worth around 329 million euros, in order to make
acquisitions from regional markets where operations are as yet
small.
In Romania, the local subsidiary of OTP has a less than 1% market
share, with market sources recently saying the Hungarian group is
in negotiations with Sibiu businessman Ilie Carabulea to take over
a controlling stake in Carpatica, one of the two banks with
Romanian private capital.
"I have heard the name Carpatica. But I cannot comment on the
matter, it is confidential," Csanyi told the press conference
organised after the Group's General Shareholders Meeting in
Budapest, last Friday.
The head of OTP explained the group was examining the acquisition
opportunities on several markets in the region, Romania included,
in order to strengthen its presence.
"We are planning to make acquisitions in countries in the region
where we have a small market share. It is hard to make a profit
with a 2-3% market share. (...) In some of the countries, we are in
negotiations, in others we are still looking at potential targets.
Things are in different stages," Csanyi said.