OTP Banka needs new capital
Hungarian OTP bank decided to double the basic capital of its Slovak subsidiary to €177m. It owns 99.3% of the shares in OTP Banka Slovensko. The €88.8m capital injection was approved by the shareholder in 2015 and will fund business activities expansion and meeting new capital requirements. Since 2009, the bank has posted a €28.4m cumulative loss, and it added another €3m loss three quarters into this year. OTP tried to sell its Slovak subsidiary in 2007, but now is allegedly seeking new acquisition targets to increase its market share to over 10% from the current 2%.