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 The latter then being withdrawn from the market as a brand, Prima Banka general director Jan Rollo has confirmed.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

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