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 The latter then being withdrawn from the market as a brand, Prima Banka general director Jan Rollo has confirmed.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: 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.

Topic: Finances and Advisory


Top stories

Night life in Bratislava will not end

Councillors for the Old Town adopt new opening hours for pubs, night clubs and restaurants.

Cvernovka's creative talents celebrate first open day at new premises Photo

Bratislava's art and design ateliers from the old yarn-making factory open their doors on May Day.

New premises for Cvernovka

How social networks can earn you a ticket to Germany

Can a status on a social network change someone’s life? Yes, if you write humorous stories about a fictive German ambassador.

Assaf Alassaf (r) talked about his life and his book in Bratislava

New investor to create 500 jobs in Nitra

A company following the Jaguar Land Rover carmaker to Nitra plans to create 500 new jobs and invest €17 million.

Tha Jaguar Land Rover draws also other investors to Nitra.