Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

Istrobanka bought by ČSOB owner

ČSOB bank has been consolidating its position in the Slovak market. The bank's owner, the Belgian banking and insurance group KBC, agreed on March 21 on to buy Istrobanka from the Austrian bank BAWAG. KBC Group will pay BAWAG Ř350 million for Istrobanka, representing 3.5 times its book value, the Pravda daily wrote. This significantly exceeds estimates by Austrian analysts, who had valued Istrobanka at about half its selling price.

ČSOB bank has been consolidating its position in the Slovak market. The bank's owner, the Belgian banking and insurance group KBC, agreed on March 21 on to buy Istrobanka from the Austrian bank BAWAG. KBC Group will pay BAWAG Ř350 million for Istrobanka, representing 3.5 times its book value, the Pravda daily wrote. This significantly exceeds estimates by Austrian analysts, who had valued Istrobanka at about half its selling price.

As a result of the transaction, KBS's share of the Slovak market will rise to 10 percent, making it the fourth strongest player here. By assets, Istrobanka is the tenth biggest Slovak bank, the SITA newswire wrote.

The transaction has yet to get clearance from the National Bank of Slovakia and the Antitrust Office of the Slovak Republic. If it is approved, the sale should be concluded in the third quarter of this year.

The Slovak market is of key importance for KBC Group: it expects it to grow at a faster pace than any other country in the region.

KBC holds a strong position in other countries. ČSOB is the strongest bank in the Czech Republic and the Belgian group has also recently invested in Romania, Bulgaria, Serbia, and Russia.

Top stories

In praise of concrete

It was once notorious for its drab tower blocks and urban crime, but Petržalka now epitomises modern Slovakia.

Petržalka is the epitome of communist-era architecture.

Slow down, fashion

Most people are unaware that buying too many clothes too harms the environment.

In shallow waters, experts are expendable

Mihál says that it is Sulík, the man whom his political opponents mocked for having a calculator for a brain, who “is pulling the party out of liberal waters and towards somewhere completely different”.

Richard Sulík is a man of slang.

Blog: Exploring 20th century military sites in Bratislava

It seems to be the fate of military sites and objects in Bratislava that none of them were ever used for the purposes they were built for - cavernas from WWI, bunkers from WWII, nuclear shelters or the anti-aircraft…

One nuclear shelter with a capacity for several hundred people now serves as a music club with suitable name Subclub (formerly U-club).