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ČSOB completes purchase of 45% holding in building savings unit

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ČSOB completes purchase of 45% holding in building savings unit

KBC Group NV unit Československá obchodní banka a.s. completed the purchase of a 45% stake in Czech building savings bank Českomoravská stavební spořitelna a.s., becoming the sole owner of the financial institution.

The transaction was closed after ČSOB secured the approval of the Czech Office for the Protection of Competition for the purchase.

ČSOB, which prior to the transaction owned 55% of Českomoravská stavební spořitelna, agreed to acquire the remaining stake in the lender from Bausparkasse Schwäbisch Hall in April for a total consideration of €240 million.