BUSINESS IN SHORT

J&T to buy shares in Poštová Banka

SLOVAKIA’S Poštová Banka will have a new shareholder as Istrokapital SE, one of the bank’s major shareholders, signed a strategic partnership agreement with J&T Finance Group in which J&T will acquire a 9.9-percent stake in the bank, the TASR newswire reported.

SLOVAKIA’S Poštová Banka will have a new shareholder as Istrokapital SE, one of the bank’s major shareholders, signed a strategic partnership agreement with J&T Finance Group in which J&T will acquire a 9.9-percent stake in the bank, the TASR newswire reported.

The majority shareholder and the bank’s management will take steps prior to J&T’s entry as a shareholder to create sufficient reserves so that the bank can meet the new capital adequacy requirements within the eurozone.

Shareholders of Poštová Banka are to decide on an increase in share capital to €132 million, an increase of €50 million, at an extraordinary general meeting scheduled for December. TASR reported that this year’s profit, estimated at €90 million, will be allocated to bank reserves that will also be bolstered with about €110 million from Istrokapital SE.

“Poštová Banka will strengthen its stability even more as we consider stability to be a key prerequisite for continuing our current dynamic growth,” said Marek Tarda, Poštová Banka’s general director, as quoted by TASR. He noted that the measures the bank is taking demonstrate the strength of its shareholders and their ability to deal with any crisis without any outside help.

Poštová Banka, founded in 1992, is the largest owner of Greek government bonds among all Slovak banks and might face the possibility that it could not meet the 9-percent capital adequacy ratio recently established within eurozone.


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