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Outgoing MFB board chief replaced by bank’s CEO

Parliament

Csaba Nagy, CEO of state-owned Hungarian Development Bank (MFB) was elected by the bank’s board to take over as chairman of the board, and will retain his CEO position, MFB announced yesterday. Nagy replaces outgoing chairman Daniel Lontai, who resigned as of Sunday in what some media speculate is part of a larger shakeup of key government positions.

Nagy is an economist who spent many years as a top executive with Hungary’s largest private bank, OTP Bank. He became CEO of MFB in 2013.

The news portals nol.hu and hvg.hu speculated that Nagy’s appointment was only temporary, while the government planned a reorganization of the bank’s leadership and other top offices.

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