Swiss Life Holding AG agreed to acquire Fincentrum a.s., a financial advisory services provider operating in the Czech Republic and Slovakia.
The transaction is pending regulatory approvals and is expected to be completed in the fourth quarter. Financial details of the deal were not disclosed.
Following the acquisition, the companies will retain their own brands and business structure, Fincentrum said Sept. 4.
With an annual turnover exceeding 1.6 billion Czech koruny, Fincentrum has more than 2,500 financial advisers across the Czech Republic and Slovakia. The purchase is expected to strengthen Swiss Life's presence in the region, the companies said.
As of Sept. 4, US$1 was equivalent to 22.27 Czech koruny.