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Report: Chinese firm applies to boost stake in owner of Slovakian, Czech lenders

CEFCChina Energy Co. Ltd. applied with the Slovakian central bank for approval to increase itsstake in J&T Finance Group to 50% from 9.9%, Reuters reported Sept. 28.

Theacquisition of the stake, announced in March, will give the Chinese company accessto the banking markets in the Czech Republic, Russia, Croatia and Slovakia,Reuters noted. The deal also needs the approval of the Czech central bank andthe ECB.

J&TFinance Group owns Czech lender J&T Banka a.s. and Slovakia-based It also controlsJ&T Bank inRussia and Croatia's Vaba d.d.banka Varaždin via J&T Banka.