Abstracts » Business, international

CZECH REPUBLIC: CESKA SPORITELNA TO BANK AUSTRIA

Article Abstract:

The Czech government has decided to sell a 52% stake in Ceska Sporitelna to Erste Bank of Austria. Austria's biggest bank is paying Kc 19bn or Sch 7.3bn for the stake in the Czech Republic's second-biggest bank and the biggest private client bank. The deal is subject to the approval of the Czech competition authorities and the Austrian banking watchdog. Czech local authorities, which hold 10% of Ceska Sporitelna stock, are said to be willing to sell their stakes to Erste Bank. Also Nomura Securities and its Czech subsidiaries IPB had bid for Ceska Sporitelna.

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CZECH REPUBLIC: CORRECTION TO CESKA TAKEOVER

Article Abstract:

The Czech government has decided to sell a 52% stake in Ceska Sporitelna to Erste Bank of Austria. The Austrian bank is paying Kc 19bn or Sch 7.3bn for the stake in the Czech Republic's second-biggest bank and the biggest private client bank. The deal is subject to the approval of the Czech competition authorities and the Austrian banking watchdog. Czech local authorities, which hold 10% of Ceska Sporitelna stock, are said to be willing to sell their stakes to Erste Bank. Also Nomura Securities and its Czech subsidiaries IPB had bid for Ceska Sporitelna.

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CZECH REPUBLIC: RZB EYEING UNION GROUP

Article Abstract:

Raiffeisen Zentralbank AG (RZB), the central organisation of the Raiffeisen banking group in Austria, is to start in the next few days a due diligence process on taking a majority stake in the Czech Ostrava-based finance group Union, which is currently owned by a group of Czech companies. Union Banka, the core unit of Union group, which in the 1990s took over a number of troubled small banks, has 65 branches with about 1,000 staff. In 1999 the balance sheet total was Kc 29bn. The Czech subsidiary of the Raiffeisen bank group has 18 branches and more than 400 staff. Altogether RZB employs more than 4,000 people in more than 150 branches in central and eastern Europe.

DEPOSITORY INSTITUTIONS, Raiffeisen Zentralbank AG, Union Banka

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