OTP Bank's Russian Operations Extensive Despite Spokesman's Claims

Hungarian banking group OTP, which has announced the acquisition of Luminor, is a significant player in Russia, despite its representatives describing it as a small bank. According to the bank's Russian website, it has been operating in the country for 30 years, is among the 50 largest banks (a section for small businesses places it among the top 30), and has 2.4 million clients – nearly twice the population of Estonia.

OTP's communications manager Bence Gaspar previously stated that the bank's Russian market share is only 0.3–0.4% and it focuses on consumer loans for lower creditworthiness clients, emphasizing compliance with sanctions. However, the bank's Russian website reveals a broader scope. For individuals, it offers a debit card with up to 3,000 rubles cashback per month, a credit card with 120 interest-free days, and a cash loan of up to 3 million rubles in three minutes.

For businesses, OTP in Russia provides current accounts, foreign trade operations, deposits, installment plans, a recommendation program, and payroll projects. Corporate clients have access to favorable terms for currency transfers, letters of credit, and cash flow management.

According to The Banker magazine, OTP Bank's assets in Russia amount to $9.79 billion, making it the second-largest European bank subsidiary in Russia after Austria's Raiffeisen ($24.1 billion). For comparison, Italy's UniCredit Bank Russia has assets of $8.4 billion.

OTP also participated in the St. Petersburg International Economic Forum, attended by Vladimir Putin, and its artificial intelligence lab head presented at a conference in St. Petersburg. The bank continues operations in Russia despite Western sanctions and the war in Ukraine, similar to several other European banks such as UniCredit, Raiffeisen, and ING, which have not yet left the Russian market.