Ipoteka Bank CEO to Step Down on 1 July

Tashkent, Uzbekistan (UzDaily.com) — Sandro Rtveladze will step down as chairman of the board of Ipoteka Bank OTP Group effective 1 July, the bank’s press service said.

The bank noted that over recent years the financial institution has undergone a major transformation following its acquisition by Hungary’s OTP Group in the summer of 2023.

According to Ipoteka Bank OTP Group, at the time of Rtveladze’s appointment the bank largely operated as a state-owned financial institution with a high share of mortgage assets. During his tenure, key business processes were revised, the capital base was strengthened, asset quality improved, and profitability restored.

The statement said these changes enabled the formation of a sustainable business model and aligned the bank’s operations with OTP Group standards in risk management, operational efficiency, and profitability.

In addition, a new management team was formed during this period, along with an operating model intended to ensure the bank’s continued sustainable growth.

Chairman of the Supervisory Board of Ipoteka Bank OTP Group and Deputy CEO of OTP Group László Wolf said Rtveladze had implemented a comprehensive transformation of the bank over two years and created a foundation for its further development within an international banking group.

Rtveladze thanked OTP Group leadership for their trust and the opportunity to lead the bank during its transformation, and acknowledged the contribution of the bank’s team to the achieved results.

Rtveladze was appointed head of Ipoteka Bank in September 2023. Prior to that, he served as deputy CEO of OTP Bank in Russia, led TBC Bank in Uzbekistan, and held senior retail banking positions in several African countries.