Probably Less Financials Groups In A Near Future, Csanyi Says

According to Sandor Csanyi, chairman and chief executive officer of OTP Bank Group, 4 or 5 financial groups could quit the Hungarian banking market on the middle term.

In his speech on last Thursday, Csanyi confirmed the rumors that 4 or 5 banks could leave the country due to a longer consolidation than expected of the banking market.

On the other hand, he also said that the Russian-Ukrainian crisis has not affect too much the Hungarian bank’s daughter company in Ukraine and, even if the conflict would get more serious, the loss of its Russian and Ukrainian investments would not create a risk for the stability of OTP, however the annual results would be affected of course.

Finally, Csanyi told as well that the current exchange rate of the Hungarian Forint (HUF) does help the export and has no bad influence on the Hungarian economy.

based on article of hvg.hu and vg.hu
by Ferenc Nagy

Photo: www.kozelben.hu

Source: http://dailynewshungary.com/