Are you sure?

Hungarian OTP Bank's change in the position of deputy-CEO

Csaba Lantos, member of the Board of Directors of OTP Bank, deputy-CEO being in charge of the retail division will terminate his employment with the Bank as of 30 June 2007.

Lantos' departure is based on mutual agreement with the company. According to the relevant provisions of the Act CXII of 1996 on Credit Institutions and Financial Enterprises, parallel with the termination of his employment in the OTP Bank Plc, his Board membership will also cease to exist, however this will not influence the operation of the Board. Lantos will also resign from all of his positions in the Company’s subsidiaries, but until next year Annual General Meeting he will remain the chairman of the Supervisory Board at OTP Banka Slovensko.

Lantos, who is an economist and sociologist and being a well-know and respected expert joined the Bank from autumn 2000 as deputy-CEO and has been member of the Board since 2001. Having spent two decades in finances Lantos now plans to establish his own business where he can make a good use of his vast experience. The management of the Bank expresses his thanks to Lantos for his efforts representing a significant contribution to the success of OTP Group in Hungary and abroad.

Effective from 1 July 2007 and possessing with the necessary approvals the Chairman and CEO of the Bank appointed Antal Kovács as Deputy-CEO to run the retail division. Kovács, a certificated economist has been active in banking since 1990. From 1995 he was a county director at OTP Bank and three years later he was appointed a regional director of the South Transdanubian Region. Since 2004 he is member of the Supervisory Board. His professional skills were further improved through courses at the International Banking School in Hungary and the World Trade Institute.

From his appointment the governing bodies of the Bank expect balanced smoothness and firm professional management. There won’t be any changes in the decision-making and management process of the retail division, already sketched out in the international business and functional management model being effective from 1 January 2007.