OTP Group is continuing the process of transforming Ipoteka Bank in Uzbekistan, turning it into a modern universal commercial bank. This was reported by Adam Szentpétery, Deputy Chief Executive Officer and Head of Strategy and Finance at OTP Group, in an interview with Daily News Hungary.
According to Szentpétery, the agreement to acquire Ipoteka Bank was signed in 2022, and integration and transformation work began in 2023. The main objective of the project is to transform the financial institution, which previously specialized mainly in mortgage lending, into a bank that provides a full range of services.
As part of this transformation, the bank is reviewing its business processes, expanding its range of banking services, updating IT systems, and improving customer service quality. Special attention is being paid to digitalization as one of the most important areas of development.
Szentpétery noted that the results of the transformations are already reflected in the bank's financial performance. He stated that Ipoteka Bank's profit reached approximately 100 million US dollars in 2024 and is expected to increase to about 140 million US dollars in 2025. Furthermore, he emphasized that Uzbekistan presents significant opportunities for foreign investors due to the development of its financial sector, infrastructure, technology, agriculture, and consumer services.
In Szentpétery's opinion, the most promising sectors for Hungarian companies are digitalization, food industry, agricultural technologies, water resource management, healthcare, and education. The main challenge of the project is cited as the simultaneous implementation of the bank's modernization, its digital transformation, and its integration into the OTP Group.
Speaking about operations in Uzbekistan, he characterized Tashkent as a highly developed city offering comfortable conditions for foreign specialists. He also highly praised the openness and friendliness of the country's residents. Daily News Hungary reported that OTP Group views the development of Ipoteka Bank as one of the key projects in the Uzbek market, which can contribute to strengthening Uzbek-Hungarian economic cooperation and attracting new investments.
The First Deputy Minister of Digital Technologies of Uzbekistan, Oleg Pekos, held a meeting with the Polish Consul in Uzbekistan, Marian Pjezdzeczyk, and Asseco International Vice President, Pschemislaw Senkowski. The parties discussed potential for joint work in the field of digital transformation and implementation of large IT projects, as reported by the Ministry of Digital Technologies.
During the negotiations, participants reviewed opportunities for interaction in the fields of e-government, financial technologies, artificial intelligence, data centers, as well as the implementation of state and corporate digital initiatives.
Polish representatives received detailed information about the reforms being carried out in Uzbekistan aimed at developing the digital economy, increasing the export of IT services, conditions for residents of the IT Park, mechanisms for supporting foreign companies, and major investment projects for developing digital infrastructure.
Special attention was paid to the development of artificial intelligence. Participants were presented with information on specific incentives for AI and data center projects in Karakalpakstan, the President's initiative to create artificial intelligence laboratories, and the system for training highly qualified IT specialists.
The parties also discussed the possibility of applying Asseco International solutions in Uzbekistan for sectors such as public administration, banking, and healthcare, as well as implementing joint projects, training local specialists, and knowledge exchange. At the end of the meeting, an agreement was reached to continue the dialogue for developing practical cooperation, studying the possibility of opening Asseco International operations in Uzbekistan, and jointly executing mutually beneficial projects.
As part of the visit, the delegation familiarized itself with the activities of UZINFOCOM and its projects in the field of digital government, state information systems, data centers, cloud technologies, cybersecurity, and artificial intelligence.
