In an announcement made over private television channel ATV last Monday, OTP Chairman and Chief Executive Offier Sandor Csanyi said his bank is planning to bid for the Takarekbank savings bank when it comes up for sale.
For its part, the government has gained majority shareholdings in Takarekbank through the state owned development bank MFB and the Hungarian Post Office. Takarekbank is the umbrella bank for cooperative savings banks. Should the purchase push through, OTP Bank would effectively take over control of the sector based on laws that were passed last July.
These laws were in accordance to stricter EU regulations on higher capitalization requirements as well as the maintenance of s strict liquidity buffer as promulgated by the Council of the European Union.
Csanyi further said that based on the recent legislation passed, the state held shareholdings in Takarekbank would soon come up for sale and it is hoped that OTP would be among the possible buyers. He added in an interview with ATV, "We will definitely bid for it."
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