OTP Bank

The story begins in 1949, when the Hungarian state established the National Savings Bank, or Országos Takarékpénztár in Hungarian, giving us the acronym OTP. For decades, it operated as the country's sole retail bank. The major turning point came after the fall of communism. In 1990, the bank was transformed into a public company, renamed the National Savings and Commercial Bank, and set on a new course. The pivotal chapter was its privatization, which began in 1995. Through a series of public offerings, the state's ownership was gradually reduced, and the bank's shares were introduced on the Budapest Stock Exchange. This wasn't just a change in ownership; it was a fundamental shift in strategy. Under the long-serving leadership of Chairman and CEO Sándor Csányi, who took the helm in 1992, the newly independent bank was ready to compete. With its privatization complete, OTP Bank embarked on an ambitious international expansion playbook in the early 2000s. The strategy was clear: acquire and consolidate in high-growth potential countries across Central and Eastern Europe. Starting with Slovakia in 2002, OTP moved into Bulgaria (2003), Romania (2004), Croatia (2005), and then Serbia, Ukraine, and Montenegro in 2006. This aggressive acquisition strategy has made OTP Group one of the leading independent banking groups in the region, now serving millions of clients across 11 countries.