OTP Bank in Malta has at least two subsidiaries, with a financing company doing commercial lending and its holding company that were registered in 2014. OTP Bank did not disclose these companies when they sent to their Right of Reply to inform our readers about their “integrity”. OTP Bank wants to buy HSBC Malta but the regulator is unlikely to accept this buyout with banking employees also being opposed to it.
OTP Bank’s major shareholder is Hungary biggest oil and gas company and this company, MOL Group, which is currently doing business with Russia along with the bank.
The companies are OTP Malta Financing Company Limited and its holding company OTP Holdings Malta Ltd.
The financing company seems to be relatively active in Malta having made up to €10.66 million in profits after tax in 2023, up by 200% from 2022’s profits of €3.55 million. According to their financial statement of 2023, they must have over of €500 million in clients’ loans and credit, but they are also stating that they made up to €102.9 million in interest income for the year.
Having a finance company registered in Malta is not a big deal and many foreign banks and institutions have financial vehicles and companies in Malta. However, what is strange is that OTP Bank opened a subsidiary in Malta in 2014 with a share capital of €100 million and more than a decade later made a bid for Malta’s second largest commercial and retail bank without ever announcing its activities in Malta or disclosing its business and commercial intentions. Transparency doesn’t seem to be a key issue in their values and operations.
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