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OTP establishes 2 employee stock ownership programs

Banking

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Shareholders of OTP Bank decided to establish two "Special Employee Stock Co-ownership Programs" (SECOPS) and sell them up to HUF 210 billion of treasury shares at an extraordinary general meeting on Friday chairman-CEO Sándor Csányi said after the vote, according to azuzlet.com.

The SECOPs will operate parallel with the lender's existing employee share ownership program, Csányi said. The resolutions show the treasury shares will be sold to the SECOPs at a price 5.5% under the turnover-weighted average price on the day preceding the transaction.

If the SECOPs acquire at least HUF 200 billion of shares, OTP will contribute up to HUF 5 bln to cover their financing and operating costs once a year, conditional on payment of a dividend in the given year.

Fielding questions, Csányi said, "We hope there will be an opportunity to pay a dividend in the spring."

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