Hungary OTP's chief Csanyi to transfer some of his powers to his son

OTP Bank Nyrt.

25/04/2025 12:19

BUDAPEST, April 25 (Reuters) - The chairman of Hungary's biggest bank OTP, Sandor Csanyi, will hand over his duties as CEO to his son as of May 1, while he will remain at the helm of the bank as chairman, Csanyi announced at the bank's annual general meeting on Friday.

OTP Bank's OTPB.BU CEO-Chairman Sandor Csanyi is Hungary's most well-known and one of its wealthiest businessmen, with vast interests also in agriculture, who has led OTP, Central Europe's largest independent lender, since 1992.

Csanyi, 72, has been both chairman and chief executive of OTP over these more than three decades, and transformed the bank into a regional player.

Now he has decided to transfer some of his powers and leadership to his son Peter Csanyi who, after several years working in the financial sector in London, has been a deputy CEO and also member of OTP's Board of Directors since 2021.

In 2010 Sandor Csanyi was also elected president of the Hungarian Football Federation (MLSZ) and has been frequently spotted watching soccer games with Prime Minister Viktor Orban.

"The number one executive of OTP will still be me, as Chairman, in a full-time capacity," Sandor Csanyi told shareholders at the AGM, where Orban also spoke briefly.

Csanyi said he hands over the operational management of the bank to his son, while he will focus on strategic decisions, the operation of the Management Committee, and the organisation of the work of the Board of Directors.

Peter Csanyi pledged prudence and a steady hand.

"I am not planning any changes that would risk the bank's stability in any way, even in the short term," he said.

As of the end of last year, Sandor Csanyi owned about 1.88% of OTP's shares directly or indirectly, according to data on OTP's website. Peter Csanyi owned about 0.017% of the bank's shares.

OTP Bank increased its net profit last year to more than 1,076 billion forints  ($3.00 billion). OTP's core Hungarian business saw its net profit in 2024 rise by 16% to 270 billion forints  ($753.31 million), as net interest income jumped.

OTP's shares rose after the announcement, they were up 1.93% on the day by 0953 GMT.

($1 = 358.4200 forints)

 (Reporting by Anita Komuves and Krisztina Than; editing by David Evans)

 ((KOMUVES.Anita@thomsonreuters.com;))