Hungary-based OTP Bank has put its branch in Romania up for sale, according to sources in the banking sector, who disclosed that the transaction will be completed in 2024.
Later on, the bank confirmed for economedia.ro that it is considering the sale of OTP Bank Romania, is testing the market, a process estimated to last several months and, in case of successful auction, the possible sale agreement would be signed in about a year.
OTP Bank tried to acquire Banca Românească in 2017, but the transaction was rejected by the National Bank of Romania. OTP The Bank tried an organic market share growth strategy and climbed from 11th to 9th place by assets, with a market share of almost 3%, being very close to Alpha Bank, according to profit.ro.
Later, in 2020, the bank was also interested in the acquisition of Garanti BBVA Romania, but the transaction never took place.
OTP Bank Romania had assets of 19.9 billion lei in 2022, an increase of 8% compared to 2021 and was thus ranked 10th in the top Romanian banks, by assets, after occupying 9th place in 2021. In the first quarter , the bank reported assets of 19.6 billion lei, up 6% from the level recorded in March 2022, and a profit after tax of 15 million lei.