OTP Bank

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OTP Bank is the biggest commercial bank in Hungary. OTP stands for Országos Takarékpénztár (National Savings Bank) which indicates the state-owned origin of the bank. State ownership lasted from 1949 to 1991. During the last decade, OTP Bank, under its ambitious CEO Sándor Csányi, has become a major player in the Central European market: it has made acquisitions in Slovakia (OTP Bank Slovensko as), Bulgaria (DSK Bank), Romania (RoBank, renamed to OTP Romania SA), Croatia (Nova Banka, renamed to OTP Banka d.d.), Serbia (Niška banka, Kulska banka, and Zepter banka), Montenegro (Crnogorska komercijalna banka) and Ukraine (former Raiffeisen Bank Ukraine). As of June, 2006 it is also negotiating the possibility of buying several other medium-sized or small banks in Russia, Serbia and Croatia.

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