12 March 2005 – LAWFUEL – The Law News Network – International legal p…

12 March 2005 – LAWFUEL – The Law News Network – International legal practice Allen & Overy has advised Manager, J.P. Morgan, as to Hungarian and English law on the first ever subordinated capital issue in Hungary. The €125,000,000 Floating Rate Subordinated Notes were issued by OTP Bank Rt. (Országos Takarékpénztár és Kereskedelmi Bank Részvénytársaság).

The Allen & Overy team consisted of partners, Zoltán Lengyel and Stephen
Miller, assisted by Ágnes Bódi and Tom Grant.

Zoltán Lengyel comments:
“The same Allen & Overy team advised on OTP Bank Rt.’s equity linked note
issue, which was then the first such Hungarian deal. We are delighted to
have been able to advise J.P. Morgan in this subordinated note issue by
OTP Bank Rt., again a pioneer deal in Hungary.”

Stephen Miller comments:
“The first regulatory capital issue in a jurisdiction is always a notable
moment in the development of its banking system. It is pleasing for us to
be involved in breaking new ground in Hungary.”

Martonyi és Kajtár Baker & McKenzie acted for OTP Bank Rt.

For further information, please contact Stephen Miller
( in London on +44 (0) 20 7330 2815 or
Zoltán Lengyel ( in Budapest on +36 1 429
6033 or Caroline Livesey

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.