Project description
and objectives:
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The Project, which is a part of a broader cooperation with the client, consists of a Swiss Franc 500 million swap facility that for a period of time facilitates OTP to enter into medium term cross currency basis swaps between Swiss Francs and the Hungarian Forint with the Bank. The programme was created to assist OTP to lengthen the maturity profile of its existing swap book and is subject to conditions on future FX-lending.
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Transition impact:
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The main rationale for EBRD’s involvement in the Project is to support the currency hedging of a strong bank with a regional presence throughout Central and Eastern Europe and systemic importance in most of the markets where it operates. The transition impact of this transaction comes mainly from supporting OTP in the process of adapting its business model to the changing macroeconomic environment.
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The client:
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OTP Bank is the largest universal bank in Hungary and the biggest independent bank in central Europe. With almost 12 million customers in nine countries, OTP subsidiaries are among the top ten largest banks in Ukraine, Bulgaria, Croatia and Montenegro.
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EBRD finance:
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Cross currency basis swap with a notional amount of up to Swiss Franc 500 million.
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Total project cost:
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Up to Swiss Franc 500 million.
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Environmental impact:
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OTP will conduct its business in accordance with the EBRD’s Performance Requirement 2 on Labour and Working Conditions.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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OTP Bank Plc, Contact: Sándor Pataki,
Tel: +36 1 473 5457
Email: patakis@otpbank.hu
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EBRD contact:
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Charles Smith, Operation Leader: smithc@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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Public Information
Policy (PIP):
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The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations.
Text of the PIP
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Independent Recourse
Mechanism (IRM):
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The EBRD has established the IRM to give local groups that may be directly and adversely affected by a Bank project a means of raising complaints or grievances with the Bank, independently from banking operations.
Guidelines for Making a complaint and the Rules of procedures
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