OTP Bank, the local subsidiary of the Hungarian group OTP, recorded a net profit of EUR 3.6 million in the first half of the year, down by a third compared to the same period last year.

The loss was related to the acquisition of Millennium Bank, which had losses of almost EUR 1.5 million in this period and had to be strengthened.

Laszlo Bencsik, OTP’s deputy director, said last week that OTP planned to expand to countries where Greek banks have large subsidiaries, such as Bulgaria, Romania and Serbia, but not to Greece.

OTP Bank, which finalized the acquisition of Millennium Bank Romania in January this year, will integrate the bank by the end of the year. This will bring it a market share of 2%. However, the bank needs another acquisition in order to enter the local top ten.

editor@romania-insider.com