Sándor Canyi, president and CEO of OTP, the leading bank in Central and Eastern Europe, recently shared his insights in an interview with NIN. Canyi, a prominent businessman involved in agriculture and the food industry, highlighted the significant investment potential he sees in technology, digitalization and artificial intelligence (AI). He is particularly interested in investing in Serbia’s food industry.
“I closely monitor the agricultural sector and food industry in Serbia. While Europe previously offered many more opportunities, I see Serbia making substantial investments in these areas and progressing well. My company, KITE, has a successful operation in Serbia that grows year after year, and I am actively looking for investment opportunities in the food sector. You may soon hear of my investment in a Serbian food industry company,” Canyi stated during a press visit to OTP Group in Hungary.
Canyi emphasized the strength of the Serbian economy, particularly pointing out the telecommunications sector’s growth. “IT exports are significant, contributing to the stability of the dinar and bolstering the domestic economy. The development of new technologies, especially AI, necessitates substantial investments. Our banking operations are intertwined with these sectors, making them particularly interesting for us,” he explained.
Under Canyi’s leadership, OTP has become the largest bank in Hungary and significantly expanded its regional presence, establishing numerous branches in Serbia and other Balkan countries. Having led OTP for over 30 years, Canyi has simultaneously built his empire in other industries, notably agriculture. He remarked that while banking represents a larger business, the profits are often only visible on paper, whereas agriculture allows for tangible results.
Current focus on Serbia’s banking landscape
Although OTP Group has already acquired several banks in Serbia, Canyi indicated that they are not currently pursuing new acquisitions in the country. “We are not in the market for new purchases in Serbia at the moment, but we are conducting thorough analyses across multiple countries. The potential for economies of scale in banking is significant, especially with the rapid advancements in technology and AI,” he noted.
Canyi mentioned that OTP Group has conducted about 100 analyses of potential bank acquisitions over the last decade, with the last 14 acquisitions being just a fraction of that interest. Since entering the Serbian market in 2006, OTP has expanded through strategic acquisitions, including Vojvođanska banka in 2017 and Société Générale in 2019. The bank’s assets have increased three and a half times in the past seven years, outpacing competitors.
The consolidation trend in Serbia’s banking sector, driven by global banking group dynamics, continues. From a peak of 84 banks operating in the former FRY, only 20 remain in Serbia today, with experts predicting further declines in the number of banks due to ongoing mergers.