OTP reviews Russian operations and weighs full exit amid strategic shift

OTP Group announced a strategic review of its Russian operations, with the possibility of a full exit to be decided by the end of the year, according to chief executive Csányi Péter. The bank has already streamlined its Russian staff and closed a portion of its branch network, while redirecting its expansion efforts toward the Baltic states, highlighted by a planned acquisition of Estonia's Luminor bank. Conversely, OTP reported a boost in its Ukrainian presence.

The review follows scrutiny of emails suggesting the bank facilitated payments for entities tied to Gazprom; an internal investigation concluded that no sanctions were violated. OTP emphasized that any outcome must align with investor interests and its broader international growth strategy.