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15.12.09
KBC Bank NV acquires the outstanding 49.54% stake in CSOB Slovakia held by CSOB Group (Czech Republic), taking ownership in CSOB Slovakia to 100%
Today, as a part of its internal streamlining, KBC Bank NV completed the purchase of a 49.54% stake in ÑSOB Slovakia from ÑSOB Group Czech Republic (ÑSOB Bank, ÑSOB Leasing and ÑSOB Factoring) for a total consideration of EUR 484 mln.
This transaction takes KBC Bank NV’s ownership in ÑSOB Slovakia to 100% following a process which started in 2009 with the merger of ÑSOB Slovakia and Istrobanka. Since January 2008, ÑSOB Slovakia has been fully consolidated directly in the financials of KBC Bank NV. In accordance with the Czech commercial code, an external valuator made an independent valuation of the stake.
This transaction does not have any impact on the financial position of KBC Group on a consolidated basis.
Brief history
ÑSOB Slovakia was established as a branch of Prague-based ÑSOB Bank. In January 2008 ÑSOB Bank was split into two separate legal entities – ÑSOB Czech Republic and ÑSOB Slovakia.
On 1 July 2009, ÑSOB Slovakia and Istrobanka, which had been acquired by KBC Bank NV in July 2008, were merged into a single legal entity ÑSOB Slovakia. Following the merger, KBC Bank NV’s ownership in ÑSOB Slovakia was 50.46% with ÑSOB Group Czech Republic holding the remaining 49.54% (including the minority shareholdings of ÑSOB Leasing and ÑSOB Factoring of 1.66% and 1.20% respectively).
ÑSOB Slovakia has not been consolidated in ÑSOB Czech Republic reports since January 1st, 2008 because 100% of the voting rights in ÑSOB Slovakia have been held by KBC Bank NV since that date.
The purchase of the 49.54% stake in ÑSOB Slovakia by KBC Bank NV simplifies the shareholders’ structure of ÑSOB Slovakia following which KBC Bank NV owns 100% of its outstanding share capital.
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