Zoltan Spéder responsible for the strategic and finance division, is leaving the bank because of family reasons, OTP Bank Nyrt said in a statement yesterday. He will be replaced by László Urbán, a director at Hungary’s central bank, the bank said. The former deputy CEO was part of OTP’s management through the bank’s expansion across eastern Europe, helping Csányi buy 10 banks in four years.
His departure adds to questions about management’s ability to cope with the acquisitions. „Investors may start wondering whether OTP will be able to reach its targets without Spéder,” said Ákos Herczenik, an analyst with the Budapest unit of Raiffeisen International Bank Holding AG. „Spéder was a key figure of the bank’s new strategy, as well as a significant player in its past success.” The shares fell 2.8% to Ft8,165 in Budapest, declining for a fifth session. They have gained 19% in the past three months, the third-best performance in Hungary’s benchmark BUX index, which rose 6.6% during that time.
Urban, a 1998 candidate for the post of finance minister, had worked at the central bank since 2005. He previously held positions at the World Bank, ABN Amro Holding NV, Citigroup Inc. and Postabank Rt. He will start his new job January 15, OTP said. Spéder had been a board member since 1991, ascending to vice president in 1995 and chief financial officer in 1996. He owned 1.6 million OTP shares as of December 7, or 0.5% of the company, worth Ft 13 billion (€51.4 million). He was ranked Hungary’s 22nd wealthiest person by Magyar Hírlap last year. (Bloomberg)
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