Equity
Hungary OTP Bank denies rumour on CEO Csányi's health-related retirement plans
Is Csányi about to retire?
According to information obtained by Magyar Nemzet Online, Csányi has decided to sell a gigantic package of OTP shares the other day due to his health status and intends to withdraw from “active duty".
On Friday we have already noted that although the number of OTP shares Csányi holds directly was indeed reduced by his sale of almost 1.7 million OTP shares to 10,000, he still holds an estimated 1.16 million shares of his bank indirectly. The current market value of this package (which includes the package Csányi owns directly) is nearly HUF 4.9 bn.
Denial by the bank
Portfolio.hu inquired at OTP Bank after the report and the press department categorically denied the news about Csányi’s health issues and planned retirement.
Csányi sells a massive OTP holding
OTP Bank announced last Friday that the day before its Chairman-CEO sold HUF 7.8 bn worth of OTP shares and the stock which was already under siege by the cabinet’s plan to provide further assistance to FX debtors, most likely at the cost of the banks, suffered huge losses on the Budapest Stock Exchange.
The bank’s press department explained later in the day that Csányi was rechanneling his funds (the proceeds from the sale of his OTP shares) for other investments, primarily in the agricultural and food sectors. (The Chairman-CEO holds sizeable interest in these segments via various companies.) But some started to come up with different conspiracy theories as to what the real reason behind the divestment could be.
According to information obtained by Magyar Nemzet Online, Csányi has decided to sell a gigantic package of OTP shares the other day due to his health status and intends to withdraw from “active duty".
On Friday we have already noted that although the number of OTP shares Csányi holds directly was indeed reduced by his sale of almost 1.7 million OTP shares to 10,000, he still holds an estimated 1.16 million shares of his bank indirectly. The current market value of this package (which includes the package Csányi owns directly) is nearly HUF 4.9 bn.
Denial by the bank
Portfolio.hu inquired at OTP Bank after the report and the press department categorically denied the news about Csányi’s health issues and planned retirement.
Csányi sells a massive OTP holding
OTP Bank announced last Friday that the day before its Chairman-CEO sold HUF 7.8 bn worth of OTP shares and the stock which was already under siege by the cabinet’s plan to provide further assistance to FX debtors, most likely at the cost of the banks, suffered huge losses on the Budapest Stock Exchange.
The bank’s press department explained later in the day that Csányi was rechanneling his funds (the proceeds from the sale of his OTP shares) for other investments, primarily in the agricultural and food sectors. (The Chairman-CEO holds sizeable interest in these segments via various companies.) But some started to come up with different conspiracy theories as to what the real reason behind the divestment could be.
