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OTP's Ukrainian bank prepared for hryvnia devaluation
February 19, 2014 / 3:16 PM / 4 years ago

OTP's Ukrainian bank prepared for hryvnia devaluation

BUDAPEST, Feb 19 (Reuters) - Hungary’s OTP Bank, whose subsidiary in Ukraine is one of the bank’s main avenues for growth, told Reuters on Wednesday that it was prepared for a devaluation of the Ukrainian hryvnia.

“OTP Bank Ukraine has consciously prepared for a devaluation of the hryvnia,” the bank said in an emailed statement. “For the bank’s open foreign currency positions and loans the course of the exchange rate is a predictable and managed risk.”

OTP Ukraine Chief Executive Tamas Hak-Kovacs told Reuters in a separate email that the bank was keeping six of its 140 branches closed due to the civil unrest that has shaken the east European nation, adding that service was unbroken in the other branches.

OTP’s shares fell 2.7 percent by 1437 GMT, underperforming the wider market, which was 0.4 percent lower. (Reporting by Marton Dunai; Editing by Ruth Pitchford)

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