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Report: Czech Republic-based Creditas mulls 750M koruny capital hike

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Report: Czech Republic-based Creditas mulls 750M koruny capital hike

Banka Creditas a.s. plans to increase its capital by 750 million Czech koruny to more than 4 billion koruny to further finance its development, E15 reported.

The Czech lender, which is eyeing a profit of about 200 million koruny for 2018, expects to complete the capital increase within a month, according to management board head Vladimír Hořejší.

Creditas, which was transformed from a credit union into a bank in October 2016, already increased its capital by more than 1 billion koruny since the beginning of 2018, with funding mostly coming from majority shareholder Pavel Hubáček, according to the Jan. 16 report. The most recent hike took place in October 2018, when the lender added 220 million koruny to its capital.

As of Jan. 16, US$1 was equivalent to 22.40 Czech koruny.