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OTP Bank Falls to Lowest in 7 Weeks on Hungary EU Dispute

OTP Bank Nyrt. (OTP), Hungary’s largest lender, fell to the lowest in seven weeks on concern the escalation of the government’s disputes with the European Union will delay a bailout for the country.

The shares declined as much as 3.8 percent and traded 2.6 percent lower at 3,689 forint by the close in Budapest, the weakest since Jan. 18.

Disputes with the EU over the independence of the central bank, the judiciary and the data protection authority have prevented Hungary from starting talks on a bailout from the bloc and the International Monetary Fund, which the government requested in November. The European Commission today took a formal step toward seeking a court order to require Hungary to redraft laws, according to a statement in Brussels.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Edith Balazs at ebalazs1@bloomberg.net

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