ČSOB acquisition of ČSS given green light

ČSOB acquisition of ČSS given green light

Published at: 2019-06-03 09:12 | Author: CIJEurope.com
The Czech antimonopoly office has approved a deal under which the bank ČSOB bought out the remaining shares in the construction savings bank Českomoravské stavební spořitelny. It agreed to pay Bausparkasse Schwäbisch Hall CZK 6.15bn for full control of CSS and its 1.3 million clients. ČSOB was attracted by the savings bank's sales force, which it says will benefit by being connected with a market leader. ČSOB already owns the mortgage specialist bank Hypoteční banka. This latest deal, according to CSOB director Petr Hutla, "will allow the bank to develop its strategy of offering complete care of their financial matters in a single place."

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