The OTP Group’s expansion in Uzbekistan is not just about acquiring a bank, but also about transforming an entire banking model. During the Tashkent International Investment Forum (TIIF 2026), we spoke with Ádám Szentpéteri—acting CEO, deputy CFO, and Chief Transformation Officer of Ipoteka Bank, a member of the OTP Group—about how they are transforming the Uzbek financial institution, what opportunities Uzbekistan offers to Hungarian companies, and what life in Tashkent is like from a Hungarian perspective.
“We’re turning a mortgage bank into a full-service commercial bank”
Daily News Hungary: Since OTP’s entry, what specific changes have you seen in Ipoteka Bank’s operations, and what does this mean for Uzbek customers?
Szentpéteri: The OTP Group signed the transaction to acquire Ipoteka Bank in 2022, and the actual integration and transformation process began in 2023. That’s when I arrived in Uzbekistan as well.
The first and most important task was to transform the financial institution—which had previously focused primarily on mortgage lending—into a full-service commercial bank. Ipoteka Bank had previously dealt mainly with loan disbursements and basic financial services, but OTP’s goal is to establish a modern, universal banking model in Uzbekistan as well.
In practice, this entails a great deal. We are rethinking operational processes, developing services, modernizing IT systems, and, at the same time, seeking to improve the customer experience. Digitalization is a key focus area: the existing mobile app and a significant portion of the banking systems were built on older technologies, so modernizing them and adding new features is an ongoing task.
The results are already evident in the numbers. The bank posted a profit of approximately $100 million in 2024, which rose to about $140 million by 2025. Today, Ipoteka Bank is one of Uzbekistan’s leading financial institutions, with a strong brand and a significant market presence.
Uzbekistan is much more than just a rapidly growing market
Daily News Hungary: Uzbekistan’s economy is growing dynamically. In which areas do you see the greatest business opportunities for Hungarian companies, investors, or financial players?
Szentpéteri: One of the most interesting things about Uzbekistan is that development is taking place simultaneously in many different sectors. It is a large, young, growing market where the financial sector, infrastructure, technology, agriculture-related industries, and consumer services all offer significant opportunities.
For Hungarian companies, areas where Hungary already has experience, technology, or exportable expertise may be of particular interest. Examples include banking digitization, the food industry, agricultural technology, water management, the healthcare industry, and even education-related services.
As a financial institution, we see that the Uzbek market is open to development and international expertise. At the same time, it’s important that anyone coming here not simply view Uzbekistan as a cheap market. This is a country with its own culture, its own business logic, and its own pace. Those who understand this truly have a future here.
Modernization, digitization, integration: it’s all happening at once
Daily News Hungary: At Ipoteka Bank, you simultaneously serve as CEO and head of finance and technology. Which is the biggest challenge today: the bank’s modernization, its digitization, or its integration into the OTP Group?
Szentpéteri: The biggest challenge is precisely that these three things cannot be separated from one another. Modernization doesn’t work without digitization, digitization doesn’t work without organizational restructuring, and integration into the OTP Group provides the framework for all of this.
Transforming a bank is always a complex task, but it is especially so here because it involves more than just modifying a few systems or processes. We need to further develop the entire operating model: how we serve customers, how we make lending decisions, how we manage risks, how we use data, and what digital channels we offer.
As Chief Transformation Officer, my job is to ensure that these changes aren’t isolated projects but rather all point in the same direction. As a finance executive, I also have to make sure that growth remains sustainable. And as Acting CEO, I have to keep the entire organization running smoothly. It’s intense work, but that’s exactly what makes it exciting.
Life in the heart of Tashkent is on a European level
Daily News Hungary: As a Hungarian executive, you’re currently working in Uzbekistan. What was your first impression of Tashkent, and what have you come to love most about life here?
Szentpéteri:
Tashkent is a surprising city from a European perspective in many ways. In the city center, you can enjoy a particularly high standard of living. In the financial district, downtown, or, for example, around Tashkent City Park, there are European-level services at nearly European prices.
Many people say that Uzbekistan is a cheap country, and that’s true, but not necessarily when it comes to the downtown, international environment. In the city center, prices are roughly 10–20 percent lower than in Budapest. However, if you travel just 15 minutes out of the city center, prices can drop by as much as half, and this can happen again if you go even further.
We’re talking about a city that’s livable for families as well, though this naturally depends on your personal circumstances. I’m currently working here alone—my family stayed in Budapest—but given the international environment, the services, and the city’s development, it’s possible to create a comfortable, high-quality life in Tashkent.
If you missed it: Tashkent International Investment Forum 2026 shows Uzbekistan’s growing importance for Europe
“The people are what I’ve grown closest to”
Daily News Hungary: How easy is it for a foreigner to fit into everyday life in Uzbekistan? Is there a place, food, custom, or experience that has become particularly close to your heart?
Szentpéteri:
Perhaps the people have become closest to me. Uzbeks are very kind, open, and polite. At the same time, it’s a different culture, and even after three years, I still find it difficult to fully understand exactly what they’re thinking. They’re very cooperative, eager to learn, and open-minded, but understanding their way of thinking takes time.
The food is delicious. Plov, for example, is particularly good, and they eat plenty of vegetables with it. There’s one thing to watch out for, though: when you first arrive in Tashkent, it’s easy to gain a few kilograms in the first three to six months. This happened to me and several of my colleagues. The food is nutritious, often on the fattier side, and in Uzbek culture, eating together is a very important social event.
One of the main activities for Uzbeks is for family or friends to get together and eat. For religious reasons, alcohol consumption is less prominent, so food takes center stage during these gatherings.
This is characteristic of all of Central Asia, and a similar culture exists in Azerbaijan as well: eating from a communal dish, sharing, and the sense of community around the table are very strong traditions. From a Hungarian perspective, this is an interesting difference, because in Hungary it is more common for everyone to have their own plate and their own portion. Here, however, plov, for example, is often served from a communal dish, and the meal itself is much more of a communal experience.
Hungarian Banking Experience in an Uzbek Context
The transformation of Ipoteka Bank clearly illustrates the role a Hungarian financial institution can play in a rapidly developing Central Asian market. The OTP Group did not simply enter Uzbekistan as an owner; it also brought an operational model, digital expertise, and banking experience.
Ipoteka Bank proved to be OTP Group’s best-performing investment last year, underlining the strategic importance of the Uzbek market. The success of the acquisition also reflects the impact of President Shavkat Mirziyoyev’s reforms, including economic liberalisation and the gradual opening of Uzbekistan’s market to foreign investors.
According to Ádám Szentpéteri, the task is both a professional and a cultural challenge: building a modern, full-service commercial bank while also understanding the unique dynamics of a rapidly changing country. This could be an important story not only for Ipoteka Bank but also for Hungarian-Uzbek economic relations.
Read here our interview in Hungarian: Az Ipotekaval épít bankóriást az OTP Üzbegisztánban – interjú Szentpéteri Ádámmal
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