The Hungarian financial group OTP is revisiting its strategy regarding its Russian subsidiary and does not rule out a complete exit from the country. The holding risks selling a profitable business at a substantial discount, while for clients the key question is who will become the new owner of OTP Bank.
The reason for the review is regulatory restrictions. Over the past year, the group has not received additional dividends from Russia. Moreover, the holding sees strategic interest in the Baltic countries. The results of the strategy review are expected by the end of 2026.
Why OTP Group is ready to leave a profitable business
OTP Group was one of the few foreign companies receiving dividends from its Russian subsidiary. OTP Bank paid the group 67.7 billion rubles from September 2023 to September 2025 under individual permits from the Bank of Russia.
Then the cash flow stopped. OTP Bank's shareholders in December 2025 declined dividends for the nine months of 2025 contrary to the board's recommendation, and later also declined the final payments for the year. For OTP Group investors, this means that the Russian division remains profitable, but the group cannot withdraw the money.
At the same time, the bank's performance is growing. OTP Bank's net profit under IFRS in Q3 2026 grew by 7% year-on-year to 51.4 billion forints (about 13.1 billion rubles). The nine-month figure increased by 1% to 157.8 billion forints (40.3 billion rubles). The bank's assets for January–September grew by 17% to 3.897 trillion forints (996 billion rubles). The loan portfolio before provisions added 8% to 1.864 trillion forints (476 billion rubles).
The bank's equity over the nine months grew by 31% to 578.6 billion forints (148 billion rubles). Based on Q3 results, OTP Bank ranks 19th by asset size in the Interfax-100 ranking, so for Russian buyers it could become a major acquisition.
However, selling a business by a company from an unfriendly country requires approval from a government commission and usually takes place at a large discount. A change of owner does not carry direct risks for depositors: the bank's obligations remain, and deposits are insured by the DIA up to 1.4 million rubles.
What else is changing for clients of Russian banks
Russian banks have their own risks, such as loan defaults: PSB has demanded that BitRiver founder Igor Runets be declared bankrupt, with claims exceeding 770 million rubles. The lawsuit concerns the entrepreneur personally, not the company, but it adds uncertainty for clients who keep equipment in the data centers of Russia's largest miner.
Banks are also threatened by hackers: the head of the CIS Anti-Terrorism Center, Colonel-General Sysoev, warned about cyberattacks using AI. According to him, attackers use neural networks to continuously search for gaps in the networks of the financial sector, energy, and transport, and CIS countries in response are switching to domestic software and machine-learning-based protection.
Amid growing cyber threats, the Bank of Russia has guaranteed the protection of the digital ruble: according to Central Bank Deputy Chairwoman Zulfia Kakhrumanova, the regulator developed the platform entirely on its own and does not depend on external vendors. If a bank's application does not work, a client can access the wallet through the service of any other credit institution where they have an account, so funds do not depend on the failure of a single bank.
Cryptalist analysis: The situation around OTP Bank illustrates the fundamental conflict between the profitability of an asset and the impossibility of repatriating capital — it is precisely this gap that forces foreign holdings to record losses in order to exit. For the market, this is a signal of continued forced deals at a discount, which creates a window of opportunity for Russian buyers and at the same time highlights the structural isolation of the banking sector from global capital.