Banka CREDITAS acquired Expobank CZ
Banka CREDITAS a.s. has become a new owner of Expobank CZ a.s. Both financial institutions will operate separately in the coming years, and nothing is currently changing for their clients or employees. The acquisition has been approved by the Czech National Bank (ČNB) and the Office for the Protection of Competition (ÚOHS).
"We welcome the quick approval by the authorities. The acquisition of Expobank CZ is fully in line with our growth strategy. The business models of Banka CREDITAS and Expobank CZ complement each other well and can thus further expand products and develop services for clients," says Vladimír Hořejší, Chairman of the Board of Directors of Banka CREDITAS.
Expobank CZ is a Czech bank with 31 years of tradition. Since 1991, it has operated under the names of BAWAG Bank or LBBW Bank, among others. Expobank CZ focuses on corporate clients and develops its retail offer. Its NEO current account has long been one of the best-rated in its category thanks to its high interest rate of the entire balance without conditions and limits. The bank recently entered the consumer loan refinancing segment with its online REFIXO service.
"This transaction is a further stimulus to Expobank CZ's growth on the Czech market. Our strategy will be to take advantage of the synergies between the two companies and the background of a strong purely Czech owner. Expobank CZ will continue to concentrate mainly on retail banking and providing services with maximum use of modern technologies," said Petr Krumphanzl, Chairman of the Board of Directors of Expobank CZ.
Banka CREDITAS is a stable financial institution with ambitions to grow organically and through acquisitions. Banka CREDITAS is a medium-sized bank with a balance sheet total of almost CZK 100 billion. Expobank CZ is a smaller bank with a balance sheet total of CZK 12 billion.
INFORMATION ABOUT BANKA CREDITAS:
CREDITAS has been active on the financial market for more than 25 years, since the beginning it has been backed by Czech capital. CREDITAS Bank has been a Czech bank since its inception in the Czech Republic, and has focused primarily on providing superior savings for retail customers, while offering tailor-made loans and unrivalled foreign exchange conversions for businesses. Currently, the bank has over 170,000 clients and a balance sheet total approaching CZK 100 billion. The bank is part of the CREDITAS investment group.
INFORMATION ABOUT EXPOBANK CZ:
Expobank CZ joined the Expobank network of banking houses after the successful acquisition from the German LBBW in 2014. Its advantages include a team of experts with extensive experience at the local and international level, a long tradition on the Czech market or cooperation with international organisations. As part of its digital transformation, the bank places maximum emphasis on modern internet banking with a digital service model.
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