OTP Bank: successful integration in Serbia – the goal: leading market position

OTP Bank: successful integration in Serbia – the goal: leading market position

The integration process commenced a year and a half ago has concluded successfully, and after their merger, the two Serbian subsidiaries of OTP Bank – Vojvođanska banka and OTP banka Srbija – continue to operate as a single bank as of today. The complexity of the integration is so far unparalleled in the banking sector of the region, and the merger represents a strategic milestone for OTP Group in its endeavour to create the largest Serbian bank.

As a result of the 19-month-long integration process of OTP Group’s two subsidiaries, Vojvođanska banka and OTP banka Srbija, the new, integrated bank started its operation in the Serbian banking market today under the name OTP banka Srbija. The new, integrated bank has the largest market share in the Serbian credit market, and with a balance sheet total of EUR 5.6 billion, it is the second largest bank in Serbia.

‘This successful integration is a significant milestone in the history of OTP Group. As a result of our expansion in the region and our organic and acquisition-based growth strategy, not only is OTP Bank present in eleven countries, it is market leader in Hungary, Bulgaria and Montenegro while playing a key role in numerous other markets, including, from today, Serbia. We are proud of this result, and OTP Group still considers it an important goal to contribute to the long-term success of the Serbian economy and the Serbian society’, said László Wolf, Chairman of the Board of Directors of OTP banka Srbija and Deputy CEO of OTP Bank.

Even the pandemic crisis was unable to slow down the integration; thanks to the commitment and perseverance of more than 3,000 colleagues, the process was concluded as scheduled, similar to the successful integration completed – also during the pandemic – by the Bulgarian and Montenegrin subsidiaries of OTP Group last May and December, respectively.

With a total of 213 branches, the integrated bank has a total of 322 ATMs, the largest number in Serbia. The merger of the two banks offers new benefits to customers primarily through digital banking developments.

OTP Bank has had a presence in the Serbian market since 2006, and its profitable operation and acquisitions enabled it to increase its market share continuously. Of the two merged banks, Vojvođanska banka joined OTP Group in 2017, and OTP banka Srbija followed suit two years later in 2019 as a result of OTP Group’s successful acquisition activity between 2014 and 2019. During that period, the Group increased its market share in the region considerably, even entering new markets where it had not been present previously. As a result, it evolved into a key actor in the region while also gaining international significance.