Best Private Bank in Hungary
Best private bank in Ukraine

The ultimate goal of OTP Private Banking, which provides wealth management services to 73,000 clients with assets of €9bn ($10.4bn) in 11 countries across the central and eastern European (CEE) region, is to ensure that all clients get the same quality of service, wherever they are. The bank sees this multi-market penetration and ability to provide a broad range of products in each country as its key advantage over competitors. At group level, the aim is to become a ‘top three’ investment service provider in the CEE region within three years.

Starting in 2021, OTP Bank has applied a new approach to its regional group strategy by integrating investment services and private banking services at group level. OTP Global Markets is now responsible for private banking and prestige private banking, portfolio management, advisory services, investment research and development of group-level investment services management activities in all 11 countries of interest. What OTP has effectively done is develop a “special process” by setting up group-wide standards using the best private banking practices from the Hungarian parent bank, while incorporating local peculiarities and differences. “This unique approach proves to be very effective in a region which is defined as unified but where huge diversity is reflected among the countries,” explains Attila Bánfi, managing director of OTP Global Markets. In key markets, he has observed a tendency for capital to return from abroad and the transfer of part of the inheritance to family heirs. “The difficulties relating to free movement around the world and the risks of Covid-19 have forced customers to rethink these issues,” he says. Although many new services have originated in Budapest, it is expected that markets such as Ukraine will also see technological innovation, says Mr Bánfi. “After being the first to launch brokerage services in the Ukrainian market in 2021, our Ukrainian subsidiary is currently developing an application for trading securities.” YB