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PSzÁF approves appointment of soon-to-be CEO to HVB Bank Hungary board

Hungary's financial market regulator announced on Monday it had approved on February 17 the appointment of Mihály Patai to HVB Bank Hungary's board of directors.

Patai will replace HVB Bank Hungary's retiring CEO Matthias Kunsch from April 15. Patai is leaving his position as president and CEO of insurer Allianz Hungaria to take the top spot at HVB Bank Hungary. He will be replaced by deputy-CEO Károly Salamon, Allianz Hungaria announced earlier. HVB Bank Hungary, a big player on the corporate banking market, has shifted strategy over the past two years to develop its presence on the retail market. It plans to spend Ft 10 billion to bring its number of branches to 100.