MNB appoints new chairman to Budapest Stock Exchange

March 16, 2017

The National Bank of Hungary (MNB) has appointed Richárd Végh to replace Márton Nagy as chairman of the Budapest Stock Exchange (BÉT), making Végh the ninth chairman of BÉT since it was formed in 1990, reports Napi.hu.

BÉT was acquired by the MNB in December 2015. At the time, central bank governor György Matolcsy appointed Nagy, the deputy governor of the MNB, to replace Michael Buhl as chairman of the exchange. Several media reports in recent weeks suggested a falling out between Matolcsy and Nagy, leading some to believe that Nagy’s departure from BÉT may be rooted in a personal conflict between the two. Further reports suggest that Matolcsy had taken away Nagy’s duties at the MNB related to overseeing financial stability.

According to a statement released by the MNB, Végh has worked in various capacities at BÉT in recent years. Most recently, between 2014 and 2015, he served as the director of the MNB’s Capital Markets and Market Supervisory Directorate.

The MNB’s 2015 takeover of BÉT was criticized by many experts, including BÉT’s first chairman and former Minister of Finance Lajos Bokros (below).

Lajos Bokros on the National Bank of Hungary taking over the Budapest Stock Exchange (BET) from Budapest Beacon on Vimeo.