Takarékbank chairman CEO resigns

Initiatives

Péter Csicsáky, chairman and CEO of Hungary's Takarékbank, resigned his posts with immediate effect on Tuesday, the bank told MTI. The bank did not specify the reason of Csicsáky's resignation, stating only that the bank's supervisory board approved it with a majority vote on Tuesday. 
   

Csicsáky's resignation came after parliament passed legislation last Thursday that will create an integration of savings cooperatives with the savings cooperatives, their bank Takarékbank and the Hungarian Development Bank (MFB) as members and the state acquiring an “important ownership position” in the sector through a capital injection which it could divest at a later stage.
   

The association of savings cooperatives asked President János Áder not sign the measure into law, saying that the government failed to consult with them on the bill it submitted to parliament just two days before its approval. The state of Hungary recently acquired a 38% stake in Takarékbank. The passing of the latest bill, effectively nationalizing the savings cooperative is set to face legal challenges.

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