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President appoints Mihály Patai MNB deputy governor

President of the Republic János Áder appointed Mihály Patai as deputy governor of the National Bank of Hungary (MNB) on Wednesday, state news agency MTI reported.

Mihály Patai

Patai will replace Ferenc Gerhardt, whose six-year term as MNB deputy governor ends on April 21, according to earlier reports.

Patai is the chairman of the Hungarian Banking Association. For 13 years he was chairman-CEO of UniCredit Bank Hungary, one of Hungaryʼs biggest commercial lenders, from which post he resigned because of his current appointment.