Banka CREDITAS a.s. signed an agreement to acquire Expobank CZ a.s.
Banka CREDITAS a.s. has signed an agreement to become the new owner of Expobank CZ a.s. The banks did not disclose the amount of the transaction. Its successful closing is still subject to regulatory approval. Both financial institutions continue to operate independently following this announcement and nothing has changed for their clients or employees.
"Banka CREDITAS is a stable financial institution that has ambitions to continue to grow both organically and through acquisitions. 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, adding that the signing of the agreement is only the first step in the whole process. It must still be approved by the Czech National Bank (ČNB) and the Office for the Protection of Competition (ÚOHS).
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.
The sale of Expobank CZ to a consortium of foreign investors, announced in March this year, will not take place as this bidder has decided to withdraw from its plan due to a change in its investment strategy.
Expobank CZ is a smaller bank with a balance sheet total of CZK 12 billion, while Banka CREDITAS is a medium-sized bank with a balance sheet total of more than CZK 80 billion.
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