Hungary OTP Bank buys back shares worth HUF 4.6 billion in one week

OTP acquired 208,891 pieces of OTP treasury shares at an average price of HUF 9,277 on Tuesday. The total worth of the package is HUF 1.9 bn, which compares with total turnover of HUF 5 bn with OTP shares yesterday, i.e. the transaction corresponded to 38% of total turnover.

OTP’s buybacks started to rev up over the last few days. On 26 June, it bought 84,000 OTP treasury shares at an average price of HUF 9,243, or HUF 776 million on total. Last Wednesday, it purchased even more, 200,000 shares at an average price of HUF 9,312, i.e. for a total of HUF 1.86 bn.

OTP has been buying its own shares for its management incentive scheme, and also for transactions connected to its capital optimisation. A general meeting in April authorized the Board of Directors to buy OTP shares until 12 October, 2018, maximizing the number of treasury shares at 70 million.

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