New Hungarian Owner of SKB Wants to Organic Growth in Slovenia, Eyes various State Projects

By , 03 Jul 2019, 11:51 AM Business
New Hungarian Owner of SKB Wants to Organic Growth in Slovenia, Eyes various State Projects skb.si

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STA, 2 July - Speaking to the Slovenian press in Budapest in the wake of a takeover of SKB bank, the CEO of financial services provider OTP Sandor Csanyi announced organic growth on the Slovenian market, with detailed decisions still subject to an ongoing analysis.

Csanyi described the operations of SKB, which has been sold to Hungary's OTP by the French group Societe Generale, as above average.

He said the foray onto the Slovenian market was important for OTP because of its proximity and promise of good results. Csanyi simultaneously sees the Slovenian market as demanding, arguing banks will have to operate more efficiently.

Still, major changes are not planned for now at SKB, which includes staffing. If there are no mergers, mass layoffs do not make sense, he said, while arguing it was of course normal for some posts to be centralised and that the detailed plans still depended on an ongoing analysis.

Csanyi did not wish to reveal how much OTP paid for SKB, the third largest Slovenian bank when it was acquired by Societe Generale in 2001.

He would also not say how much OTP had offered for Abanka, the current Slovenian no. 3 which ended up being sold by the state two weeks ago to the NKBM bank under its new owner, US fund Apollo. He said OTP just offered too little, while he described the sales procedure as entirely transparent.

According to Csanyi, OTP wants to grow in an organic fashion in Slovenia and reach at least a 10% market share.

The company is interested in helping finance the new Koper-Divača rail track, even if Hungary as a country would not participate, while Csanyi would also not mind participating in some other state projects.

Also highlighted was Ljubljana's Emonika, the stalled train and bus passenger terminal project, with Csanyi saying the situation was presently being examined.

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