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J&T plans to buy Poštová Banka from Hoffmann

The J&T financial group intends to acquire Poštová Banka from businessman Mário Hoffmann and thereby enter the high street banking sector in Slovakia and the Czech Republic, Patrik Tkáč, deputy head of J&T’s board said, as reported by the Czech daily Hospodářské Noviny.

The J&T financial group intends to acquire Poštová Banka from businessman Mário Hoffmann and thereby enter the high street banking sector in Slovakia and the Czech Republic, Patrik Tkáč, deputy head of J&T’s board said, as reported by the Czech daily Hospodářské Noviny.

The Slovak daily Hospodárske Noviny wrote on Tuesday, April 10, that J&T’s share in the bank should be somewhere between 75 and 80 percent. The group already owns a 10-percent share and has been negotiating the purchase of more stock with Hoffmann, owner of the Istrokapitál financial group, since the end of 2011. The daily reported that Hoffmann will continue to control the bank’s management and remain chairman until 2015. Until now, J&T has been active in private banking through J&T Banka, which will continue to be run separately from Poštová Banka.

In 2011, Poštová Banka made a profit of €5.19 million – a significant fall compared to 2010, due to a fall of the value of Greek bonds in its portfolio.

Source: Hospodárske Noviny

Compiled by Zuzana Vilikovská from press reports
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