According to Hungarian Econews, the CEO of OTP Bank Sándor Csányi sold 500,000 banks shares, which he acquired under a management bonus program to his wholly-owned company Bonitas 2002 at a price of HUF 6,155 per share yesterday. Beside the bonus shares, Sandor Csányi sold an additional 4,945 OTP Bank shares at a price of HUF 6,200 per share. The 500,000 shares Csányi called under the corporate bonus program yesterday cut OTP's treasury stock to 10,300,858. After yesterday’s transactions Csányi no longer has any direct stake in OTP while his indirect stake, held through Bonitas 2002, rose to 3,302,000 or 1.18% of OTP’s ordinary shares.
Our view: We do not expect the news to have any impact on the stock price today.