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.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Denník N: Former journalist-turned-spy spied on journalists for Kočner

Peter Tóth denies the claims of the daily which cites "sources from the environment of criminal prosecution".

Peter Tóth

In Iceland, you can chase a reindeer to the end of the earth

Rock group Sigur Rós named each song on their new album after coordinates in Iceland. Here's where each coordinate leads.

Map of Iceland with Sigur Rós stops

Old cars dominate Slovak roads

Close to four out of ten cars registered are more than ten years old; the import of used cars has increased considerably in Slovakia.

Illustrative stock photo

When Daylight Saving Time is abolished, Slovakia will keep winter time

The Labour Ministry argues for keeping winter time once Daylight Saving Time is abolished but also points out the need of keep unity within the EU internal market.

Sunrises and sunsets will be more fixed around the year - and years, but maybe not within the EU.