OTP Bank Romania launches private banking service

OTP Private Banking was launched in Hungary in 1995 and repositioned in 2002, including a new offer on the market, which doubled the customers’ number and tripled the assets. Therefore, OTP Private Banking became the leader of the Hungarian market, with 12,700 customers holding assets worth approximately EUR 1.6 billion and an estimated market share of approximately 35 percent.

“OTP Private Banking concentrates first of all on the performance of the invested funds and secondly, on facilitating the transactions. The individual financial situation of each customer is reviewed periodically, as their financial priorities may change in time, and the product offer must be customized accordingly,” according to bank representatives.

The benefits related to the package continue with a complete offer of banking products, easy remote access to the account by any means – internet, phone or fax -, increased confidentiality of banking measures, priority in the takeover and analysis of all the requests, including crediting, preferential conditions for the businesses developed through the companies owned by Private Banking customers.

OTP Bank Romania posted losses for 2007 worth HUF 2.784 billion (€11.16 million), 1.54 higher than the HUF 2.784 bln (€11.03 mln) year-on-year. In the last three months of 2007, the bank registered losses of HUF 630 mln (€2.48 mln), 19.5 lower than the HUF 783 mln (€3.09 mln) in the same period in 2006. Total assets by the end of 2007 reached HUF 250.2 bln (€987.2 mln), up 29.4 percent year-on-year.

Private Banking involves investment management banking services, as well as loans for persons with high incomes. The first institutions to enter the private banking segment were ING Bank and Unicredit Tiriac Bank, joined later by BRD SocGen, Banca Comerciala Romana (BCR), Raiffeisen Bank and Bancpost.