OTP Group Advances Ipoteka Bank Transformation in Uzbekistan

Tashkent, Uzbekistan (UzDaily.uz) — OTP Group is continuing the transformation of Ipoteka Bank in Uzbekistan into a modern universal commercial bank, Adam Szentpétery, Deputy Chief Executive Officer and Head of Strategy and Finance at OTP Group, said in an interview with Hungary's Daily News Hungary.

Szentpétery said the agreement to acquire Ipoteka Bank was signed in 2022, while the integration and transformation process began in 2023. The project's main objective is to turn the financial institution, which had previously focused primarily on mortgage lending, into a full-service universal bank.

As part of the transformation, the bank is revising its operating processes, expanding its range of banking services, modernizing its IT systems and improving customer service, he said. He identified digitalization as one of the key areas of development.

Szentpétery said the results of the transformation are already reflected in the bank's financial performance. According to him, Ipoteka Bank's profit reached about US$100 million in 2024 and increased to approximately US$140 million in 2025.

He also said Uzbekistan offers significant opportunities for foreign investors due to the development of its financial sector, infrastructure, technology, agriculture and consumer services. He identified digitalization, the food industry, agricultural technologies, water management, healthcare and education as the most promising sectors for Hungarian companies.

According to Szentpétery, the main challenge of the project is carrying out the bank's modernization, digital transformation and integration into OTP Group simultaneously.

Speaking about operations in Uzbekistan, he described Tashkent as a highly developed city offering comfortable conditions for foreign professionals. He also praised the openness and friendliness of the country's residents.

According to Daily News Hungary, OTP Group views the development of Ipoteka Bank as one of its key projects in the Uzbek market. The publication said the bank's transformation could contribute to expanding Uzbek-Hungarian economic cooperation and attracting new investment.