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.