Spectator on facebook

Spectator on facebook

UniCredit considers selling Czech and Slovak divisions

The bank has not yet confirmed the rumours.

UniCredit Bank branch in Bratislava(Source: SME)

Italian financial group UniCredit has launched negotiations on selling its Czech and Slovak divisions. In case of successful transaction, UniCredit would gain more than 90 billion Czech crowns (some €3.3 billion), the SITA newswire reported.

Among the potential bidders are Société Générale and its Czech subsidiary Komerční Banka and Moneta Money Bank, according to the weekly Euro.

The sale of UniCredit’s divisions would become the biggest transaction in the history of Czech banking. So far, the biggest acquisition was the privatisation of Komerční Banka in 2001. Société Générale paid 40.2 billion Czech crows for a 60-percent share.

“It is our good habit not to comment on any speculations,” said UniCredit spokesperson Andrea Morawski, as quoted by TASR.

Though the Italian group has not launched any sale nor has it recruited a financial and legal advisor, it started initial talks with the potential bidders, TASR reported.

Experts say that the merger of Komerční Banka and UniCredit Bank would make sense as the former cannot grow anymore and the only possibility for growth is to take control over its rival.

The representatives of the bank, however, refused to comment on the information, TASR wrote.

Topic: Finances and Advisory


Top stories

My five-year-old daughter will almost certainly encounter a Weinstein too

It’s not that I thought sexually harassing women was okay, it’s more that I accepted that was just part of how things worked. Unfortunate, yes, but also standard.

Harvey Weinstein

Socialism elections were parody of free vote

After the revolution in 1989 the number of people participating in elections fell from 99 percent to around 60 percent.

Elections during socialism regime.

Foreigners: Top 10 events in Bratislava Video

Tips for the top 10 events in the capital between November 17 and November 26, plus regular services in different languages, training, temporary exhibitions and highlights of the year.

Lúčnica

Top 3 stories from Last Week in Slovakia Video

Chinese could produce e-cars in Slovakia - PM Robert Fico does not see election defeat - Poliačik leaves the strongest opposition party

PM Robert Fico