OTP Bank Plc. has announced on the website of the Budapest Stock Exchange that as of March 21, 2023, T. Rowe Price International Ltd. has increased its voting right in OTP Bank Plc. to 5.02% via owning 14,037,515 ordinary shares.
According to a report by the business news site vg.hu quoting Morningstar data, T. Rowe Price Group, Inc., which is an American publicly owned global investment management firm, has bought into OTP with nine funds, and has an even larger stake in the Hungarian company than the one announced at the time of the band crossing: 5.64%, holding a total of 15,813,951 shares.
Since the announcement on Wednesday morning, OTP's share price has risen by 0.6% to HUF 9,970 forints, and is now back above the HUF 10,000 level.
The business news site notes that the fact that half of OTP's shareholders are domestic investors could stabilize the share price. At the beginning of January, 17.5% of OTP shares were already in the hands of the Hungarian population, and more and more domestic institutional investors are buying the paper. OTP Bank's shares are split 50/50 between domestic and foreign investors. This is a significant shift, given that a year ago the share and voting power of non-Hungarians was 67%.
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