By Margit Feher
BUDAPEST--Chairman and Chief Executive Sandor Csanyi sold Friday
another big part of his holding in OTP Bank Nyrt. (OTP.BU),
Hungary's largest bank both by market share and shareholders'
equity, OTP Bank said Monday.
Mr. Csanyi sold a total of 650,000 registered shares in OTP on
the Budapest Stock Exchange July 19 through his firm Bonitas 2002
Zrt., leaving Bonitas with 500,000 OTP shares in its ownership, or
a 0.18% stake in OTP Bank, OTP said in a filing with the
exchange.
Bonitas 2002 sold 316,124 OTP shares at an average price of
4,519 forints ($20.07) a share with UniCredit Bank Hungary Zrt.
brokering the deal and it sold 333,876 shares at an average price
of HUF4,227 a share with Magyar Takarekszoverkezeti Bank Zrt. as
the broker, OTP added.
The latest sale comes a day after Mr. Csanyi sold 342,818 OTP
registered shares on July 18 at an average price of HUF4,668 a
share, reducing his direct holding of OTP shares to 10,000. On July
18, Mr. Csanyi also sold 1,350,000 OTP shares he held indirectly in
OTP through Bonitas 2002, at an average price of HUF4,617 a
share.
At around 0745 GMT, OTP shares were trading at HUF4,137, down
HUF63 or 1.5%.
OTP shares fell sharply on Friday on news of the stock sale. The
shares closed 9.1% lower at HUF4,200 forints, having been suspended
temporarily for exceeding volatility limits.
Mr. Csanyi will use the proceeds of the share sales to finance
his domestic ventures that are mostly in the farm and food
industries, OTP Bank said in a statement. The bank has denied local
press reports Sunday that poor health and plans to retire were the
reasons behind Mr. Csanyi's decision to sell a large amount of OTP
shares last week.
Write to Margit Feher at margit.feher@dowjones.com
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