Adam Balog was named CEO and chairman of the Hungarian state-owned MKB Bank. Balog resigned as deputy governor of the National Bank of Hungary this week to assume his new position at MKB. He joined the central bank in 2013, where he was responsible for monetary policy, financial stability and lending incentives. Balog previously served as deputy state secretary at the economy ministry.
Local news reports are speculating that Marton Nagy, the central bank’s executive director in charge of financial stability, may succeed Balog, writes Bloomberg. Prime Minister Viktor Orbán can nominate Balog’s successor. The Hungarian state acquired MKB Bank in 2014 from Bayerische Landesbank. However, Economy Minister Mihaly Varga told the weekly Figyelo that the bank may change hands again within a year.
