Hungary: OTP believes in convergence

Hungarian bank OTP remains committed to central and eastern Europe despite operating in some of the region’s most challenging markets. The bank, which has a presence in nine countries in the region including Ukraine, Romania and Bulgaria, believes that growth opportunities outweigh the macroeconomic risks. "We believe that the economic convergence of the region should continue," says Laszlo Bencsik, chief financial officer. "Unit labour costs are still about 35% lower in central and eastern Europe than in western Europe. This difference will keep on fuelling investment and economic growth."