OTP chairman and CEO Sandor Csanyi exercised stock options to purchase 63,364 shares in OTP yesterday which he immediately sold for an average price of HUF 4096 (USD 18) per share.
In July 2013 Csanyi sold 2,743,000 shares in OTP bank for HUF 7.8 billion (USD 32 million), retaining just 10,000 preferred shares for himself. A number of other OTP directors sold their shares in the bank as well.
The following week the government announced that banks would be required to carry the full financial burden of converting FX loans to forint loans at reasonable rates of interest (although the government has yet to act on this threat).
All in an honest day’s work for Hungary’s top banker!
Referenced in this article:
Offside with PM, Budapest Times, 7 September 2013