Hungary's largest lender OTP Bank is weighing a potential withdrawal from the market in Russia, the bank confirmed on Monday.
"Given its strategic interest in the Baltics and the limited progress in upstreaming additional dividends from Russia over the past year, OTP has begun reviewing its Russia-related strategy, including a potential full exit from Russia," OTP Group CEO Péter Csányi told the Bloomberg news agency earlier.
"The review is expected to conclude by the end of the year, and its outcome should maximize long-term shareholder value with particular regard to the success of the Group's international expansion strategy," he added.
OTP Bank Russia had adjusted first-half after-tax profit of HUF 106.4 billion, OTP Group's earnings report for the period, released in August, shows. OTP Group's gross Russian sovereign exposure came to HUF 109 billion at the end of June. The amount included HUF 61 billion of non-matured exposure.
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