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Hungary’s OTP Bank buys back more shares

  Hungary’s OTP Bank continued to buy back its shares on the Budapest bourse and purchased another 400,000 shares on Tuesday, the company said in a statement on Wednesday.

OTP stepped up buying its own shares on Friday and purchased 1.35 million shares over the past three trading session for HUF 2.3 billion ($9.9 million) to increase the number of treasury shares to 21.1 million, or 7.5% of all stock.

Traders said OTP has been the biggest buyer of the bank’s stock in recent sessions and buybacks have provided some support for the stock, which would have fallen more sharply without the buys.

OTP shares fell to a seven and a half year low earlier this week on concern over Hungary’s economy, which is expected to shrink by 3.5% this year, and the health of the region’s banking sector. (Reuters)