Balogh, a Hungarian citizen, was appointed by the bad bank's non-executive directors and also joins the board of directors, which now has six members, three of them with non-executive powers.

He joined the bad bank in October last year, having previously overseen the winding-down of Probanka for two years. Probanka was folded into the bad bank earlier this year.

He has held several senior positions in banking. He was advisor at the First Ukrainian International Bank, held several executive positions at MKB Bank Hungary, and served as board member in banks, finance, brokerage and insurance companies in four Central and Eastern European countries from 1988 to 2012.