OTP Bank Nyrt. commences an Equity Buyback Plan for 70,000,000 shares, under the authorization approved on April 30, 2020.
July 30, 2020 at 03:17 am EDT
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OTP Bank Nyrt. (BUSE:OTP) commences share repurchases on July 30, 2020, under the program mandated by the shareholders in the Annual General Meeting held on April 30, 2020. As per the mandate, the company is authorized to repurchase up to 70,000,000 shares. The shares will be repurchased at a minimum price of the share’s nominal value and at a maximum price of 150 % of the highest price, or in the case of a stock-exchange transaction, 120 % of the closing price recorded on the Budapest Stock Exchange on the day preceding conclusion of the transaction. The purpose of the program is to supply the shares necessary for the management incentives system that is in operation at the bank, creating the opportunity for rapid intervention in the event of share price fluctuations, developing and maintaining the services provided to customers, and executing transactions related to optimization of the company’s capital. The authority will be valid until October 15, 2021.
OTP Bank Nyrt is a Hungary-based commercial bank. The Bankâs operations are structured into three business segments: Retail, Corporate and Private banking. The Retail banking segment is involved in account management, bankcards and electronic services through telephone, mobile phone and Internet. The Corporate banking segment offers account-keeping services, financing, investments and electronic services for medium-sized and large companies. The private banking segment offers Hungarian Forint and foreign currencies account management, investment and fund management and loan facilities. The Bankâs specialized services, including car leasing, investment funds and insurance are developed and offered by the Bank's subsidiaries, including OTP Fund Management Ltd, OTP Life Annuity Ltd, OTP Travel Ltd, OTP Mortgage Bank and OTP Factoring Ltd, among others.