The Bank of New York formally becomes single largest OTP shareholder
Wednesday, June 1, 2005, 06:00
A decision by the State Financial Institutions Supervision (PSzÁF) has cleared the way for The Bank of New York to acquire an interest of over 10% but not exceeding 50% in Hungary?s OTP Bank Rt. According to business news portal HVG Online, the ownership change is only of a technical nature and due to an amendment to the way indirect ownership is calculated according to the Hungarian Capital Markets Act. As a result, the global depository receipts (GDP) held by Belgium-based Nominic now officially belong to The Bank of New York, which acts as depository. OTP?s articles of association stipulate that no shareholder can hold stocks representing more than 33% of voting rights. In recent years, none of the major OTP shareholders had a stake of more than 10%.