Antimonopoly Office approves J&T's purchase of Poštová Banka shares

Financial group J&T can finally acquire the majority stake in Poštová Banka, as the Antimonopoly Office (PMÚ) approved the purchase, the TASR newswire learned on Monday, April 29.

Financial group J&T can finally acquire the majority stake in Poštová Banka, as the Antimonopoly Office (PMÚ) approved the purchase, the TASR newswire learned on Monday, April 29.

"The transaction has been approved by all the relevant regulatory offices, so it'll be carried out in the upcoming days," said J&T external and internal communication department head Nikol Kubaská. Thus, the group will acquire a 88.055-percent of the share capital and voting rights in the bank – the origins of which date back to 1918 and which was privatised in 2001. Both sides agreed to the deal in 2011. Poštová Banka invested hundreds of millions of euros in Greek bonds in 2010 and had to write off €275 million after the Greek debt restructuring. Before this write-off, it acquired financial means of a similar amount from J&T in return for an increase in the group's stake in the bank. The Slovak central bank (NBS) okayed the increase in the stake in the autumn of 2012.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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