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Report: Českomoravská stavební spořitelna eyes layoffs under new ownership

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Report: Českomoravská stavební spořitelna eyes layoffs under new ownership

Czech building savings bank Českomoravská stavební spořitelna a.s. plans to reduce its workforce by up to a fifth following recent ownership changes, E15 reported Aug. 26, citing an unnamed market source.

KBC Group NV unit Československá obchodní banka a.s. recently completed the purchase of a 45% stake in Českomoravská from Bausparkasse Schwäbisch Hall — becoming the sole owner of the financial institution.

Under the new ownership, Českomoravská could also merge with its sister unit Hypoteční banka a.s. after integrating support, credit risk management and other activities with ČSOB Group, the news report noted, citing a second market source.

ČSOB's spokesman did not rule out potential layoffs, noting that the lender must look for ways to further increase efficiency in order to stay competitive. He also said that significant progress had been made within the last few months toward integrating core functions, standardizing services and eliminating duplicate activities across the group.