//Mihály Patai elected as Deputy Governor of the MNB

Mihály Patai elected as Deputy Governor of the MNB

On Wednesday Hungary’s President of Republic János Áder appointed Mihály Patai, Vice President of the Hungarian Economic Association to the position of Deputy Governor of the National Bank of Hungary (MNB).

The appointment of Mr Patai was proposed by the Prime Minister in March. On 27 March 2019 the Parliament’s Economic Committee supported the appointment of the new Deputy Governor with 10 votes in favour, 1 against and 1 abstention. During the Committee hearing Mihály Patai said that the current 0.9 percent reference rate could be maintained over the coming period as well. Hungary’s economic growth will remain sustainable in the next 2-3 years in spite of the slowing growth rate of the European Union and the global economy.

Mihály Patai is the President of the Hungarian Banking Association. Formerly he was Chairman and CEO of UniCredit Bank Hungary Zrt. for 13 years, from which post he resigned due to his appointment as Deputy Governor of the MNB. (MTI)

Mihály Patai (1953) has been Vice President of the Hungarian Economic Association since 2014, currently completing his second term. He graduated from the Karl Marx University of Economics, Budapest in 1976. Following his graduation he worked as a credit clerk at the National Bank of Hungary until 1977. Mr Patai received his university doctorate in 1979. He was a researcher of the Financial Research Institute between 1978 and 1982. After that he worked at the Ministry of Finance until 1988 as deputy head of the International Finance Department. Between 1988 and 1993 Mr. Patai worked as assistant to the executive director of the World Bank in Washington D.C. Returning to Hungary, he took the position of Executive Director of Kereskedelmi Bank between 1993 and 1995, and then he became Chairman and CEO of Allianz Hungária Insurance Company from 1996 to 2006. He was Chairman and CEO of UniCredit Bank Hungary Zrt. from 2006. Between 2008 and 2011 he was Chairman of the Budapest Stock Exchange. Mr. Patai has been Vice President of the Hungarian Economic Association since 2014.

We congratulate Mr. Patai on his appointment as Deputy Governor of the MNB, and wish him good health and success in his work!

(Photograph: MTI/Noémi Bruzák)

2019-04-23T14:58:14+00:00