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