Spectator on facebook

Spectator on facebook

Prima Banka may complete takeover of Sberbank Slovensko in late July

Prima Banka will then become the number three on the Slovak market in terms of the number of its branches.

(Source: Sme)

At the end of July the number of banks operating in Slovakia might be one less as Prima Banka may complete the takeover of Sberbank Slovensko by this date. The latter then being withdrawn from the market as a brand, Prima Banka general director Jan Rollo has confirmed.

Penta Investments group announced in July of last year the acquisition of a 99.5-percent stake in Sberbank Slovensko. The deal was earlier okayed by the European Central Bank and Slovakia’s Anti-monopoly Office (PMÚ).

“The projected date for the takeover of Sberbank is July 31, 2017, with Prima Banka then becoming the number three on the market when it comes to the number of branches,” said Rollo as cited by the TASR newswire. “We will continue to expand our network of branches in the regions, as this makes sense for us from the business viewpoint.”

Rollo specified that developments in recent years have confirmed that banks without a proper network of branches cannot be successful long term.

Read also:Penta becomes majority owner of Sberbank Slovensko

The Penta financial group has been active on the banking market since 2007, when it became the sole owner of Privatbanka. In 2011, it gained a majority stake in Dexia banka, which focused mainly on retail customers and the funding of municipalities. This bank was later renamed as Prima Banka.

Disclaimer: Penta financial group has a 45-percent ownership share in Petit Press, a co-owner of The Slovak Spectator.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Topic: Finances and Advisory


Top stories

Vallo: I will face up to the people no matter what

The new Bratislava mayor has four broad priorities to accomplish.

Matúš Vallo discusses the municipal elections at the SME daily.

Slovakia has many skilful people. Students should meet them

The new project by the Pontis Foundation tries to motivate young people through stories of successful business people.

The presentation of This is 21 project

Fico sticks with his old-style politics

Only the former PM knows whether the inspiration for his latest stunt was the success of the For A Decent Slovakia-supported candidates in the municipal elections.

Denník N: Danko is a plagiarist

The daily analysed the thesis identical to that of Parliament's Speaker Andrej Danko to find it was copied from textbooks.

Speaker of Parliament Andrej Danko