OTP maintains profit forecast

Article Abstract:

OTP Rt. of Hungary has maintained in the level of $128.5 million to $130.8 million in its projections for 1998 consolidated pretax profit, despite fallout from the financial crisis in Russia. The bank, the largest in Hungary, believes that the unconsolidated pretax profit target of 25 billion forints is realistic, according to chief executive Sandor Csanyi. OTP added that the it recorded pretax profit of 21.82 billion forints in the first nine months, a higher figure compared to 17.35 billion forints posted for the same period in 1997.

Comment:

Keeps level of $128.5 to $130.8 mil in 1998 consolidated pretax profit forecast despite fallout from Russian financial crisis

Sales, profits & dividends, OTP Rt.

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Postabank to get more state capital

Article Abstract:

Postabank Rt. needs more capital infusion from the state, which has become is major shareholder, according to Hungarian Minister of Finance Zsigmond Jarai. Jarai said that the bank is forced to use several tens of billions of forints in taxpayers' money to stabilize the bank. The capital needed by the bank could range between 40 billion forints and 100 billion forints. According to reports, the bank had 102 billion forints of "off-balance sheet" liabilities, including 54.8 billion forints in pending liabilities at the end of 1997.

Comment:

Needs more capital infusion from the state, according to Hungarian Minister of Finance Zsigmond Jarai

Receipt of funds

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Raiffeisen may bid to buy Postabank if Hungary sells it

Article Abstract:

Raiffeisen Bank Rt. may attempt to acquire Postabank Rt. if the government of Hungary decides to sell it. Postabank is the state-owned rival of Raiffeisen.

Strategy & planning, Austria, Foreign operations, Banking industry, Mergers, acquisitions and divestments, Raiffeisen Bank

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