Mihály Patai

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Mihály Patai is a prominent Hungarian financial executive who has held several key positions in the banking and finance sector. Born in 1953 in Békéscsaba, Hungary, Patai has had a distinguished career spanning over four decades. Patai currently serves as the vice chairman at Magyar Közgazdasági Társaság, chairman at GIRO Zrt, and a member-supervisory board at Siemens Zrt.
He also serves as a deputy governor and member of the monetary council of the Magyar Nemzeti Bank (MNB), having been appointed on April 22, 2019 to a six-year term.
== Education and Early Career ==
Patai graduated from the Karl Marx University of Economics in Budapest in 1976 and went on to earn his doctorate from the same institution in 1979. He began his career at the National Bank of Hungary as a credit clerk in 1976. From 1978 to 1988, he worked at the Ministry of Finance, eventually becoming the deputy chief of the Department for International Finances.
== International Experience ==
Throughout his career, Patai has gained significant international experience. He received scholarships to study in Moscow (1978), Vienna (1981), and London (1985). From 1988 to 1993, he worked at the World Bank Group in Washington, D.C. as an executive director's assistant.
== Leadership Roles ==
Upon returning to Hungary, Patai took on several leadership positions:
* Managing Director at Kereskedelmi Bank Rt. (1993-1995)
* Chairman & CEO of Allianz Hungária Insurance Co. (1996-2006)
* Chairman & CEO of UniCredit Bank Hungary Zrt. (2006-present)
* Chairman of Association of Futures Markets (2009-2010)
* Chairman of Budapest Stock Exchange (2008-2011, 2019-2023)
===Consideration of Patai for Prime Minister ===
In March 2009, amidst Hungary's political turmoil and economic challenges, Patai, then CEO of UniCredit's Hungarian unit, was considered as a potential candidate for the position of Prime Minister. This consideration arose after the leading candidate, György Surányi, withdrew from the race, leaving the ruling Socialist Party in search of a suitable replacement to succeed Ferenc Gyurcsány. Patai, known for his extensive experience in the financial sector, including his role as chairman of the Budapest Stock Exchange and his previous tenure at Allianz, was among a shortlist of candidates discussed by the Socialists. However, the selection process was complex, requiring the approval of the Free Democrats, a crucial ally whose support was necessary for any candidate to be confirmed. Ultimately, despite his strong credentials, Patai did not advance to the final stages of consideration, as other candidates were also in contention.
== Budapest Stock Exchange ==
Patai served as the chairman of the board of directors of the Budapest Stock Exchange from December 2008 to September 2011. He stepped down from this position due to tensions between the group's Austrian owners and Hungarian stakeholders over the implementation of a new trading platform.
He served again as chairman of the Budapest Stock Exchange from May 2019 to December 2023.
== Other Positions ==
Patai has held several other notable positions, including:
* President of the Hungarian Banking Association
* Member of the Supervisory Board of SIEMENS Hungary
* Member of the Presidium of the Joint Venture Association
* Board Member of Magyar Telekom (2005-2006) and its predecessor Matav RT (1998-2005)
== Language Skills and Expertise ==
Fluent in English, Russian, and German, Patai's multilingual abilities have contributed to his success in international finance. His expertise spans various areas of banking, insurance, and financial markets.
== References ==	
Category:Association of Futures Markets - Former Chairmen
Category:Budapest Stock Exchange
Category:Budapest Stock Exchange - Former Chairmen
Category:University of Economics, Budapest Alumni
Category:1953 births
Category:Chairmen of Banks in Hungary