Ceska Sporitelna is sold
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, will have more than a 52% stake taken over by Erste Bank (EB) (Austria) in 2000. EB will pay 19 bil Kc for the stake, which is held by the state. About 10 bil Kc of the sum will be paid during the arrangement of the contract and the rest by the end of 2001. EB has promised to increase CS's stock by 4 bil Kc by 2002. Besides, EB will provide CS with 20 bil Kc for the support of housing, the medium-scale industrial sectors and agriculture. The state participated in the recovery of the unprofitable bank CS with an issue of subordinary bonds worth 5.5 bil Kc before the entrance of EB. The bonds were bought by Konsolidacni banka (KOB) (Czech Republic). CS increased its stock by 7.6 bil Kc before the entrance. The state covered nearly 4.5 bil Kc of the sum through the National Property Fund of the Czech Republic. Besides, the state transferred problematic credits from CS to KOB in two stages. KOB took receivables worth 10.4 bil Kc from CS first and another credits worth 33.3 bil Kc at the end of 1999.
Publication Name: Ekonom-Tydenik Hospodarskych Novin
Subject: Business, international
ISSN:
Year: 2000
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Ceska Sporitelna will decrease the number of its employees in 2001
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, will dismiss about 2,000 employees during 2001. It should have about 12,000 employees at the end of 2001. The firm will decrease the number of its employees by another 2,000 to 10,000 persons by the end of 2002. CS has been transforming itself since the middle of 2000. The transformation should take about 18 months. CS wants to invest about CEK 365 mil in the education and training of employees in 2001 compared to CEK 145 mil in 2000. CS's total restructuring costs should exceed CEK 13 bil by 2003. Most of the sum should be invested in the development of information technology.
Publication Name: Ekonom-Tydenik Hospodarskych Novin
Subject: Business, international
ISSN:
Year: 2001
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Erste Bank enters Ceska Sporitelna
Article Abstract:
Ceska sporitelna (CS) (Prague, Czech Republic), bank, should have a 52.07% stake acquired by Erste Bank (EB) (Austria) at the beginning of August 2000. The first instalment of the purchasing price of 280 mil EUR, 10 bil CZK, 3.85 bil ATS, will be transferred to the account of the National Property Fund of the Czech Republic (NPF) by 03 August 2000. The second instalment of the purchasing price will be realised at the end of 2001.
Publication Name: Ekonom-Tydenik Hospodarskych Novin
Subject: Business, international
ISSN:
Year: 2000
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