To survive in the cutthroat markets of Central and Eastern Europe, brand recognition is crucial. That is why the general director of Slovakia’s OTP Banka, Ernö Kelecsényi, recently announced an image remake across the board.

At a press conference in Bratislava, Kelecsényi justified the new design and communication style in terms of market strategy. At a cost of one million euros, it entails giving branches a uniform look in all nine countries where it operates. The parent company in Hungary, as well as all other affiliates, will undergo the same makeover.

“We calculated these expenditures into the budget for 2007. It will therefore not significantly affect the company’s economic performance,” Kelecsényi told the media. Profits at OTP Banka in the first nine months of 2006 were up by SKK 169.9 million (4.7 million euros), with net interest income at SKK 778.8 million (21.4 million euros).

In the meantime, Kelecsényi has hinted at the acquisition of another Slovak bank in 2008. The press has speculated that the national postal bank, Postova Banka, could be a viable candidate for privatization.