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OTP board proposes option of separate chairman, CEO

Shareholders of OTP Bank will vote to give the board the power to separate the positions of chairman and chief executive officer at an annual general meeting on April 12, according to proposed amendments to the lenderʼs articles of association posted on the website of the Budapest Stock Exchange (BÉT).

Sándor Csányi, who holds both positions at present.

The amendments would allow the board to decide that separate persons should hold the positions of chairman and CEO "if necessary, in order to adapt flexibly to the significant international expansion of the Group and new market challenges," according to the proposal, as reported by state news wire MTI.

At present, the position of chairman-CEO at OTP Bank is held by Sándor Csányi, who also has significant interests in agribusiness and oil and gas company MOL. For many years, Csányi topped Forbesʼ list of the richest Hungarians, until overtaken recently by oligarch Lőrinc Mészáros, the close ally of Prime Minister Viktor Orbán.