Integration of OTP and Splitska Bank: Employees to Meet New Management by the End of the Week

The process of merging Splitska Bank with OTP Bank Croatia is expected to be formally completed by the end of September next year. From January 1 of next year, OTP Insurance will also be available at the bank’s branches. This is sufficient time to integrate all processes of the two banks, which will cover between 10 and 12 percent of the total market and over half a million active clients through this merger.

>>> OTP Takes Over Splitska Bank

-Who are the people who will lead the future bank, the managers will be introduced this Friday. These are people from OTP and Splitska Bank. The merger of the two banks must be formally completed by the end of September next year, making us the fourth strongest bank in Croatia, said Balázs Békeffy, Chairman of the Supervisory Board of OTP Insurance and CEO of OTP Bank.

Regarding whether there will be branch closures or new openings, layoffs or hiring, Békeffy says he cannot comment at this moment, but when asked how the situation in Agrokor, which is mentioned in the audit report regarding a loan from Splitska Bank that has not been recorded, will affect the merger and the bank’s operations, he responds:

– I do not know why it has not been recorded, and I cannot comment on the amount mentioned. As far as we are concerned, all loans are properly recorded. Regardless of the situation in Agrokor, we continue to operate at a normal pace this year and expect positive business results, Békeffy told reporters.

>>> OTP Bank Expands Operations in Serbia

In early August 2017, Splitska Bank, a member of the OTP Group, became the sole owner of the company that is changing its name to OTP Insurance. In the previous year, 2016, OTP Insurance concluded with a total premium of 42 million kuna and a profit after tax of 4.8 million kuna. Citizens still make up the largest share of the insurance portfolio, and this is the direction that the CEO of OTP Insurance, Mladen Gavrančić, intends to maintain.

– Our goal is to reach clients at a level where they can afford to pay for a family insurance policy in the event of death. In general, to remove the economic barrier and make life insurance accessible to everyone, said Gavrančić, who does not hide his professional satisfaction with the integration of the two banks.

– By integrating Splitska into OTP, we gain a large number of new clients. Additionally, our goal is to grow from the new sales volume from OTP Bank, further develop products through access to local investment funds, which opens up investment opportunities, Gavrančić noted some of the challenges prompted by the merger of the two banks.