March 12, 2019 / 8:59 AM / 6 days ago

Hungary's OTP Bank considers splitting chairman, CEO roles

BUDAPEST, March 12 (Reuters) - Hungary’s OTP Bank is considering splitting the management roles of its current chairman and chief executive Sandor Csanyi as it expands rapidly in eastern Europe. The bank, central Europe’s largest independent lender, will consider the proposal at its Annual General Meeting on April 12.

“The purpose...is to enable the Company to create the possibility ... for the management functions appearing in the position of Chairman & CEO to be held in separate positions,” the bank said in its annual general meeting proposals.

Csanyi has been Chairman and Chief Executive of the bank since 1992. An OTP spokesman said the issue of a successor for Csanyi was not currently on the agenda.

OTP has acquired units from Societe Generale in Montenegro, Moldova and Serbia as the French bank continued its retreat from parts of eastern Europe while OTP gradually increased its presence in the region.

It said the proposed changes would also help it meet new market challenges.

The spokesman said the resolution would create the possibility for the banks’ board of directors to separate the two roles without the need for a shareholders’ meeting.

At 0807 GMT, OTP shares traded 0.2 percent higher at 12,120 forints on the Budapest Stock Exchange, just off record highs and in line with the blue-chip index. (Reporting by Gergely Szakacs; Editing by Kirsten Donovan)

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