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.
Stages and Goals of the Transformation
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.
Areas of Bank Modernization
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.
Financial Results and Investment Potential
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.
Promising Sectors and Challenges
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.
Assessment of Conditions in Uzbekistan
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.
