OTP Bank
A strong performance last year and a big acquisition in Bulgaria prompted the judges to give Hungary’s OTP Bank the award again this year.
The bank’s performance in 2002 included a rise of 21% in net profit and a 33.7% increase in Tier 1 capital. Its cost-to-income ratio was virtually unchanged at 70.8%.
Beyond its domestic strength, OTP Bank’s other virtue is its strategy. Instead of focusing only on the domestic market, the bank is looking beyond those borders, especially as Hungary prepares to join the EU next year. So it was no surprise when the bank announced a deal to buy DSK Bank, the second-largest bank in Bulgaria.
“The acquisition is a perfect fit to the strategy of OTP Bank. OTP Bank envisages DSK Bank as a European financial institution that will retain and grow the trust of potential customers in the Bulgarian market,” said George Fenyo, OTP’s managing director.
OTP also has some of the best technology in Hungary: through its OTPdirekt platform, it is the first in the country to enable customers to carry out transactions through all banking channels, including telephone, internet and mobile devices.
