Representatives of “OTP Bank” explained to the portal that they were looking for opportunities to withdraw from the country continuing the war in Ukraine, but could only sell the business for approximately 5% of its market value.
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“We failed to find a solution that would be legally, morally, and economically appropriate,” “OTP Bank” stated in a comment to lrt.lt.
It stated that it no longer supplies capital to its Russian division, returning it through dividends, and has withdrawn its financing for it.
Publicly, “OTP Bank” announces that it operates in 800 locations in Russia and is among the 50 largest banks in the country. In addition, it has been one of the partners of the St. Petersburg Economic Forum. This event is often called Russia’s “Davos”.
The Hungarian bank also operates in Ukraine.
As BNS wrote, it was announced on Monday that “OTP Bank” signed an agreement with a consortium of funds of the US private equity fund management company “Blackstone” and “DNB Bank” for the acquisition of “Luminor”. The transaction will be completed after obtaining the necessary institutional permits and fulfilling other conditions.
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The “OTP Group” is a leading banking group in Central and Eastern Europe, serving 17.5 million customers in 11 countries. It announces that it has successfully completed 25 bank acquisitions since 2001.
The group’s total assets exceed 130 billion euros, and in 2025, the return on equity reached more than 21 percent. “OTP Bank” has been listed on the Budapest Stock Exchange since 1995 and has a diversified shareholder structure without state ownership.
Since September 2022, “Blackstone” owns 80% of “Luminor Holding” shares. The remaining almost 20% stake is managed by Norway’s “DNB Bank” through the Swedish company “DNB Baltic Invest”.
