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The secret history of the 2018 elections in 84 color pages.
I’ll buy it
The bank’s president and CEO, Ádám Balog, will leave MKB on December 31, 2020, but no later than March 1, 2021, according to the bank’s extraordinary information issued on Friday. The relatively short announcement states that Balog will resign his position on the board of directors and his position as chairman of the board of directors, and his employment with MKB will be terminated. Whether you leave the company at the end of the year or just next year depends on whether the MKB general meeting cannot elect a new chairman of the board before December 31st. The general meeting will meet on December 14.
Ádám Balog became the director of MKB shortly after the Hungarian state sold the nationalized bank in 2014. On the other hand, he was already familiar with the bank’s affairs, as the state entrusted the Magyar Nemzeti Bank with the resolution of a bank in a pretty bad situation but bought quite expensive, for which the then vice president of the MNB Balog was partly responsible.
Balog soon became the owner of MKB, primarily through a loan, and his 10.76 percent stake in 2018 to György Matolcsy’s cousin, Tamás Szemerey. However, shortly after privatization, Lőrinc Mészáros was the majority owner of the bank, his company acquired 49 percent of the bank’s shares.
Mészáros and his colleagues have big plans with MKB, as they want to merge it with Takarékbank and Budapest Bank, which also belong to Mészáros interests, thus creating the second largest bank in the country after OTP. The merger of the three banks began at the end of October, when Magyar Bankholding Zrt, the joint holding company to which the shares of the three banks are contributed, was formed.
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