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ČSOB and Istrobanka now have common management

After Belgian financial group KBC gained a 100-percent stake in Istrobanka in July this year, a gradual merging of Istrobanka and KBC's daughter bank in Slovakia, ČSOB, has been taking place, KBC management has told the TASR newswire.

After Belgian financial group KBC gained a 100-percent stake in Istrobanka in July this year, a gradual merging of Istrobanka and KBC's daughter bank in Slovakia, ČSOB, has been taking place, KBC management has told the TASR newswire.

The transaction on the transfer of shares has been approved by the Slovak central bank (NBS) and the Anti-Trust Office. In view of the difficult integration process requiring intensive co-operation between both institutions, a new common managing organ for both banks - Country Team - has been established as of September 1. Miroslav Paulen, chairman of the Board of Directors and general director of Istrobanka, has been appointed a new member of the Country Team, the main goal of which will be to supervise securing a smooth integration process for both banks.

Daniel Kollár, chairman of the Board of Directors and general director of ČSOB, will continue to hold the position of country manager for the whole financial group. In 1999, ČSOB went through a principle change, as KBC Bank (Belgium) became its majority shareholder. TASR

Compiled by Zuzana Vilikovská from press reports
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