The sale of OTP Bank to Russia can only bring the Hungarian group as much money as the dividends it withdraws from Russia every year.
Hungarian OTP Bank (the parent structure of Russian OTP Bank and Ukrainian OTP Bank) receives handsome dividends from its subsidiary bank in Russia and has no plans to sell it. This was said by the head of the board of directors of OTP Group, Sandor Chani, writes Portfolio.
According to him, the sale of the Russian branch of OTP Bank in the conditions developed today means acting “stupidly.”
According to Csanyi, the sale of OTP Bank in Russia could bring the Hungarian group only as much money as the dividends it withdraws from Russia every year. At the same time, OTP Group is ready to sell its subsidiary if someone gives 50% of the market value for it.
At the same time, Chani said that OTP Group intends to participate in the privatization of Ukrainian state-owned banks and increase its presence in the market.
At the end of last year, OTP Group will pay shareholders 150 billion Hungarian forints ($410.07 million). The Russian subsidiary brought the group 50 billion forints in dividends ($136.7 million). By the end of 2024, the Hungarian group expects to withdraw up to 100 billion forints in dividends ($273.4 million) from the Russian Federation.
Let’s remember that the seven largest banks in Europe in terms of assets in the country paid more than 800 billion euros in taxes to the Russian Federation last year – four times higher than the pre-war level .
Source: korrespondent
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