Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

ČSOB sells its pension fund firm

POŠTOVÁ Banka will acquire 100-percent control over ČSOB d.s.s., a pension fund management company previously owned by ČSOB bank, the SITA newswire reported.

POŠTOVÁ Banka will acquire 100-percent control over ČSOB d.s.s., a pension fund management company previously owned by ČSOB bank, the SITA newswire reported.

The value of the transaction was not disclosed and must still be approved by the National Bank of Slovakia and the Antitrust Office. The transaction and the takeover process may be completed within a few months.

ČSOB d.s.s. was established as a 100-percent affiliate of ČSOB in 2004 in accordance with Slovakia’s old-age pension saving law. The pension fund currently serves nearly 94,000 clients and their savings are invested in three funds (conservative, balanced and growth funds) and amounted to almost €210 million as of December 31, 2010.

The purchase of the pension fund management company enhances Poštová Banka’s investment services portfolio, a bank spokesperson said.

The chairman of ČSOB's board of directors, Daniel Kollár, said that the pension management fund was no longer a strategic business line for his bank, SITA wrote.


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

How rock music helped bring down the totalitarian regime Video

A new film shows that Rock & Roll, forbidden in the Soviet Union, helped to end the Cold War.

Illustrative Stock Photo

Movies under an open sky feel differently than in an air-conditioned cinema Photo

The popularity of outdoor cinemas is increasing in Bratislava

Bažant Kinematograf on the Magio Pláž beach

Peter Sagan announces split with his wife Katarína

The Slovak cycling star who has a young son said “It will be much better this way”.

Peter Sagan marries Katarína, November 2015.

Top 3 news from Last Week in Slovakia Video

Slovakia to buy 14 American fighter jets.

This archive picture from 2014 shows an older model of the F-16 fighter jets.