BUSINESS IN SHORT

J&T to buy shares of Poštová Banka

THE J&T financial group intends to acquire additional shares of Poštová Banka from businessman Mário Hoffmann and enter the commercial banking sector both in Slovakia and the Czech Republic in this way, Patrik Tkáč, the deputy head of J&T’s board, confirmed to the Czech daily Hospodářské Noviny.

THE J&T financial group intends to acquire additional shares of Poštová Banka from businessman Mário Hoffmann and enter the commercial banking sector both in Slovakia and the Czech Republic in this way, Patrik Tkáč, the deputy head of J&T’s board, confirmed to the Czech daily Hospodářské Noviny.

The Slovak Hospodárske Noviny wrote on April 10 that J&T will purchase between 75 percent and 80 percent of the bank’s shares. J&T currently owns a 10-percent stake in the bank and has been negotiating with Hoffmann, the owner of the Istrokapitál financial group, to purchase additional shares since the end of 2011.

The daily reported that Hoffmann will continue to be active in the bank’s management and will remain chairman of bank’s board until 2015. J&T has been active in private banking in Slovakia through J&T Banka; that firm will continue to operate independently from Poštová Banka.

In 2011 Poštová Banka recorded a net profit of €5.19 million – a significant drop from 2010 – due to the fall in the value of Greek government bonds in its portfolio.

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