Reuters: Hot Stocks: OTP Bank denies CEO Csanyi is retiring

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OTP Bank denies CEO Csanyi is retiring Jul 21st 2013, 17:06 Sun Jul 21, 2013 1:06pm EDT * Website said bank's CEO retiring for health reasons * Bank's shares plunged after Csanyi sold shares BUDAPEST, July 21 (Reuters) - Hungary's biggest lender OTP Bank denied a report on Sunday that its Chief Executive Sandor Csanyi had sold a large chunk of his shares in the bank because he is to retire for health reasons. Hungarian website www.mno.hu had reported that Csanyi, who had heart surgery in Germany in February, was preparing to retire and that could be behind his decision to sell some of his shares last week. The website did not name its sources. However, OTP chief press officer Bence Gaspar said that Csanyi was in good health and that the chief executive would not be retiring. Shares in OTP plummeted on Friday to a seven-month low after the bank announced that Csanyi had sold about 1.7 million OTP shares directly and through his investment firm on Thursday, spooking investors already anxious about a planned government reform that could hit banks' profits. The bank said on Friday that Csanyi sold some of his shares so that he could invest in an agricultural business he also owns. But traders and analysts saw a possible link between his decision and a plan by Prime Minister Viktor Orban's government to rewrite contracts between banks and holders of foreign currency mortgages in a move to help borrowers. Orban's government has yet to announce exact details on what it plans to do with the foreign currency mortgages. It is expected to discuss the plans at a meeting on Wednesday. Csanyi has been in charge at OTP since 1992, transforming it from a state-run monopoly under Communism into a modern financial institution. He is also Hungary's richest businessman, with an estimated net worth of about $600 million. (Reporting by Krisztina Than and Marton Dunai; Editing by David Goodman) Link this Share this Digg this Email Reprints

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