Shares of VÚB and Banka Slovakia returned to FNM

The bank watch of the National Bank of Slovakia (NBS) slapped the Slovak Insurance Company (Slovenská poisťovňa, SP) a.s. Bratislava with a fine of 500,000 Sk ($14,286) for having acquired a large amount of shares in two banks without the consent of the NBS.
The shares were transfered to the SP in the Centre for Securities by the state privatisation agency, the National Property Fund (Fond národného majetku, FNM) in so-called repo trades (buy-back agreements), through which the FNM obtained money from SP to improve its liquidity.
Approximately 16% of shares of the General Credit Bank (Všeobecná Úverová banka, VÚB) a.s. Bratislava thus ended up in SP's account, as well as more than 60% of the shares of Banka Slovakia a.s. Banská Bystrica from the portfolio of the FNM.

The bank watch of the National Bank of Slovakia (NBS) slapped the Slovak Insurance Company (Slovenská poisťovňa, SP) a.s. Bratislava with a fine of 500,000 Sk ($14,286) for having acquired a large amount of shares in two banks without the consent of the NBS.

The shares were transfered to the SP in the Centre for Securities by the state privatisation agency, the National Property Fund (Fond národného majetku, FNM) in so-called repo trades (buy-back agreements), through which the FNM obtained money from SP to improve its liquidity.

Approximately 16% of shares of the General Credit Bank (Všeobecná Úverová banka, VÚB) a.s. Bratislava thus ended up in SP's account, as well as more than 60% of the shares of Banka Slovakia a.s. Banská Bystrica from the portfolio of the FNM.

The director of the permission-granting department of the bank watch of NBS, Vladimír Hromý, told the weekly economic newspaper Trend that purchases of more than a 10% share of a bank must have the approval of the NBS regardless of other agreements with their original owners.

Moreover, the mandatory agreements between SP and the FNM do not clearly imply that voting rights stayed with the FNM.

SP must now return the shares it bought in VÚB and Bank Slovakia to the FNM.

Top stories

The Nord Stream 2 pipeline is installed in Swedish waters.

US and Germany made a declaration on Nord Stream 2. Where does it leave Slovakia?

Slovakia’s official position to Nord Stream 2 has gone from slightly critical to silent, analyst says.


14 h
Border checks

Rules for cross-border workers and teenagers remain unchanged

Constitutional Court corrected its decision from earlier this week.


16 h
The open-air exhibition about the Old Market Hall

Rare historical photos uncover the story of Bratislava's Old Market Hall

Bratislava owes its rich market history to its location on the crossroads of ancient trade routes.


29. júl
Bratislava

Adjustments on local level may make all the difference in coping with climate change

You can’t fix the problem if you don’t know what the problem is.


17 h