OTP Bank Declines Most in Week, Leading Hungarian Shares Lower

OTP Bank Nyrt. (OTP), Hungary’s largest lender, fell the most in a week, leading losses in the country’s shares, on concern the European debt and banking crisis is escalating.

The shares dropped 3.9 percent to 3,445 forint by 12:34 p.m. in Budapest. The benchmark BUX stock index slumped 2.1 percent to 16,144.64.

European stocks slid, set for the lowest level since May 23, as Spain struggled to bolster its banking system and borrowing costs rose at Italy’s debt auctions. Hungary, the European Union’s most indebted eastern member, has failed to start talks on a bailout of its own for six months.

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

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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