Romania’s consumer protection agency ANPC fined OTP Bank for having transferred a portfolio of loans to another entity of the OTP group, registered in the Netherlands, during 2006-2016.

It ordered OTP Bank Romania to return to debtors the interest rates charged for the period when their loans were no longer in its portfolio: namely, some EUR 200 million altogether, local Profit.ro reported. Additionally, ANPC set a RON 160,000 (EUR 34,000) fine for OTP Bank.

ANPC’s ruling is a generalisation of the decision issued by a Court in Constanta at the end of November. Similar steps were taken against Bancpost, which also transferred portfolios of loans to foreign entities of the same group (EFG Eurobank of Greece).

According to ANPC, OTP Bank transferred loans worth over CHF 550 million (EUR 487 mln) to a Dutch company - OTP Financing Solutions BV, directly or through its parent bank, in several tranches by the end of 2009. ANPC ruled that the Dutch entity would not have the right to collect interest and commissions from OTP Bank customers, since it is not authorized as a bank or non-bank financial institution in Romania.

editor@romania-insider.com

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