Hungarian OTP will set up a bank in China
OTP expands with a new bank in China.
OTP will establish a joint venture in the People’s Republic of China with a 15% partnership share. The partners signed the agreements on June 2, 2022, OTP Bank Nyrt. announcement Friday on the website of the Budapest Stock Exchange (BSE, Hungarian: Budapesti Értéktőzsde, BÉT).
Like 444.hu writing, the financial closing of the transaction is expected to occur in the fourth quarter of the year, subject to obtaining the necessary Chinese regulatory approvals in several stages. The establishment of the joint venture will be subject to the approval of the relevant Chinese regulatory authority as well as the Hungarian regulatory authority.
Preliminary approval was granted by the Hungarian National Bank (Magyar Nemzeti Bank) on April 14, 2022.
OTP Bank shares are traded in the premium category of BSE. On Friday, the stock price increased by 120 HUF (EUR 0.31), or 1.31%, to 9314 HUF (€23.76). Last year, the minimum share price was 8500 HUF (€21.68) and the maximum was 19,590 HUF (€49.98).
OTP CEO doubts overhead cuts?
OTP’s CEO, Sándor Csányi, has expressed concerns about the reduction in overheads. Tamás Deutsch, Fidesz MEP, posted his review on Csányi’s thoughts on Facebook.
“Sándor Csányi: aerial cuts are not good.
Aerial cuts: Sándor Csányi is not good.
China is also growing in Hungary
An innovative Chinese electric car company is to build a battery swapping station factory in Hungary. According to chinese press, the NIO company is building a factory there. However, the Chinese-based multinational electric car maker will not assemble cars in Hungary, but battery swap stations and charging stations, according to the report.
Like 444.hu writingNIO is a unique electric car company in one important respect: its models are available in two different versions:
- with a battery installed in the usual way, rechargeable at home or at a charging station;
- with a replaceable battery.
In the latter case, the buyer buys the car without the battery (at a correspondingly lower price) in exchange for a monthly rent for the replaceable battery.
Source: 444.hu, telex, szeretlekmagyarorszag.hu