OTP Bank chosen Best Private Bank in Hungary for the 8th time in a row

OTP Bank chosen Best Private Bank in Hungary for the 8th time in a row

The Banker magazine chose OTP Bank Best Private Bank in Hungary for the 8th time in a row this year. Besides financial indicators and the quality of services, the panel of judges also assessed innovations carried out in the previous year. In addition to the recognition by The Banker, OTP received a number of international and Hungarian awards.

Once again, the Best Private Bank in Hungary title went to the asset management business line of OTP Bank at the Global Private Banking Awards Gala organised by The Banker magazine and the journal entitled Professional Wealth Management, both members of the world’s leading business publication, The Financial Times.

The acclaimed professional panel of judges analysed in detail the financial performance, efficiency and market share of the banks.

‘It demonstrates the enduring competitiveness of OTP’s private banking business model that, at 14.5% on average, the growth dynamics of assets surpassed that of the market over the past 10 years. As regards 2019, which was the base year of the assessment, the expansion of the assets managed reached an unprecedented high of 25% and exceeded HUF 2,100 billion at the end of the year. As a result, our market share rose by 1 percentage point above 36%, which we managed to maintain even throughout the turbulent first half of 2020. Fresh capital inflows amounted to an also unprecedented HUF 324 billion, accounting for three quarters of last year’s portfolio growth of HUF 425 billion. In 2019, 41% of the total growth in household savings within OTP can be attributed to the private banking segment, while the profitability of the business line also surged to record levels. The dominance of OTP Bank is not only reflected in the asset management of the wealthiest clients; indeed, in addition to the outstanding private banking performance, at more than 32%, we also have a major – and dynamically growing – market share in the household savings market’, pointed out András Takács, managing director of the Wealth and Investment Management Directorate of OTP Bank.

In the series of international accolades, in addition to The Banker magazine’s recognition, Global Finance magazine also chose OTP to be the best in Hungary for its performance in 2019 Q2 and 2020 Q1. Moreover, OTP Bank received the magazine’s Best Foreign Exchange Providers award both in Hungary and in Bulgaria. Besides international judges and customers, the domestic private banking community also recognised the services and performance of OTP’s asset management business line, as evidenced by the Private Banking Provider of the Year award split between OTP and Erste Bank at the Private Banking Hungary Award Ceremony organised byprivate banking consulting firm Blochamps. One of the Private Banking Hungary Business Development Awards went to OTP as well, while a colleague of ours won the Junior Private Banker of the Year title.

The Private Banking services of OTP Bank can be accessed at 37 locations in Hungary, and they are available to use with the assistance of 178 highly qualified private banking advisors. For more information about the service, please visit the credit institution’s website.