THE J&T Finance Group has entered the Russian banking market, where it opened a branch of its J&T Bank in Moscow, the SITA newswire wrote.
"In three years we would like to see this bank on the chart of the top 100 Russian banks by capital and assets," said one of the J&T Group's founding partners, Patrik Tkáč. "The growth of our own business, as well as the positive growth rate of Russian financial sector development, should contribute to this."
As in the Czech Republic, Slovakia and Switzerland, J&T Bank's Moscow branch will concentrate on providing private and investment banking services. Andrej Kuznecov has been named chairman of its board of directors and Jozef Tkáč is the chairman of the council of directors.
Russia granted J&T Finance Group a banking license in April 2007 upon its acquisition of Tretij Rim Bank, which was integrated into the finance group.
The J&T Finance Group registers total assets of approximately €4 billion. Its main business areas are private banking, investment banking, real estate development and the energy sector. As well as the Moscow branch, the group encompasses J&T Banka Praha, J&T Banka Bratislava and IBI Bank in Zurich.
In real estate development, J&T plans investments of €3.75 billion over the next five years. By 2012, the group plans to increase installed output of its electric power capacities to 1,000 MW on investments of around €1 billion.
