Belgian banking group KBC announces purchase of Slovak bank
AFP - Thursday, March 20 07:29 pm
BRATISLAVA (AFP) - Belgian banking group KBC said Thursday it had reached a deal with Austrian-based Bawag AG to buy Slovak bank Istrobanka for 350 million euros (548.7 million dollars).
Istrobanka, Slovakia's eighth biggest bank in terms of loans and deposits, will be merged with KBC's existing Slovak banking business operated through its subsidiary CSOB, KBC said in a statement released in Bratislava and Brussels.
"The combination will result in fourth largest banking operation in Slovakia, with a market share of approximately 10 percent," it added, stressing that the merger would boost opportunities to sell services through both networks and make major savings.
The Belgian banking group said it expected Slovakia's booming economy -- growth was 13.1 percent in 2007 -- to continue this year and next.
The purchase of Istrobanka and the following merger must still be cleared by the Slovak competition office and central bank.
Bawag said it decided last year to concentrate on its core Austrian banking business with foreign expansion based on selling key services.
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