OTP Bank Acquires Luminor Bank, Expands into Baltic Market
Hungary's OTP Bank has announced the acquisition of Luminor Bank, entering the Baltic market. The bank operates branches in Russia and other Eastern European countries.
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Hungarian bank "Országos Takarék Pénztár" (OTP Bank) has announced the acquisition of Luminor Bank, allowing it to enter the Baltic market. The deal will expand the bank's presence to 14 countries in Eastern and Central Europe.
OTP Bank is the largest commercial bank in Hungary, founded in 1949. Since 2002, it has been expanding into Central and Eastern European countries, including Slovakia, Bulgaria, Romania, and Croatia. In 2006, the bank opened branches in Ukraine, Russia, Serbia, and Montenegro.
The bank's operations in Russia raise questions regarding its ties to the Russian regime, but official information about the director's connections with Vladimir Putin has not been disclosed.
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