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.


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