Czech bank is taken over by GE Capital
Article Abstract:
US-based GE Capital is taking over Agrobanka a.s., effectively ending the liquidity crisis that led the fifth-biggest bank in the Czech Republic to insolvency. The financial institution paid $14.9 million for the Czech bank's branch network, deposits, some health loan assets and a license to use the Agrobanka logo. GE Capital assumed around 300 Agrobanka-run branches and 3,000 employees as of June 22, 1998. Overall, GE is assuming around 30 billion korunas worth of liabilities and assets that involve around 17 billion korunas of loans and a 12.7-billion-koruna cash infusion from the Czech National Bank.
Comment:
Is taking over Argobanka effectively and ends the liquidity crisis that led the fifth-biggest Czech Republic to insolvency
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Kollert ses great potential to revamp Komercni Banka, tackle problem loans
Article Abstract:
Komercni Banka AS has been unattractive to those offered to lead it because it is saddled with a loan portfolio problem. After no less than three others thumbed down the opportunity to head the bank, Jan Kollert took the challenge. The bank is deemed the biggest in the Czech Republic and in Central Europe with 453 billion korunas ($13.88 billion) in assets, 340 branches, 14,000 employees. Kollert, who was named to the position in June 1998, said there is great promise for the bank. He will have to face up, however, to the big task as some 30% of the bank's loans are non performing.
Comment:
Has been unattractive to those offered to lead it because it is saddled with a loan portfolio problem
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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EBRD to take Czech bank stake
Article Abstract:
European Bank for Reconstruction and Development (EBRD) announced that it is purchasing an 11.8% stake in Ceska Sporitelna AS for about 2.5 billion korunas ($75 million). The EBRD justified the acquisition of the nine million shares of the Czech bank by stating that it was done to facilitate the privatization of the bank. The Czech government is optimistic it will conclude the privatization of the bank later in 1998. The purchase of the stake will make the EBRD the biggest nonstate shareholder in the Czech Republic's second-biggest bank.
Comment:
Announces that it is purchasing an 11.8% stake in Ceska Sporitelna AS for about 2.5 bil korunas ($75 mil)
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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