Prvni Mestska Banka to be acquired by Ceska Pojistovna
Article Abstract:
Prvni mestska banka (PMB) (Prague, Czech Republic), bank, will have a 78% stake acquired by Ceska pojistovna (CP) (Prague, Czech Republic), insurance company. CP has offered CEK 3,350 per share for the package, which is more than the offer of a consortium between Dexia (France) and Kommunalkredit Austria (Austria). The consortium applied for a 70% stake, offering CEK 3,100 per share. PMB originated in early 1995, when the city of Prague bought two-thirds of shares in the then going bankrupt Royal Bank. PMB was to serve as a municipal bank and was to provide special services for towns and villages. However, it got involved in risk transactions too.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
IPB Pojistovna saw a loss in 2000
Article Abstract:
IPB Pojistovna (IPBP) (Pardubice, Czech Republic), insurance company, saw a loss of CEK 228 mil in 2000. The loss has several reasons. The clients of the insurance firm began to worry about their deposits and withdrew a high percent of finances after the bankruptcy of the parent company Investicni a Postovni banka (IPB) (Czech Republic). Another reason was the expensive construction of the company's new residence, which was realized by Vojenske stavby (Czech Republic) at a cost of CEK 970 mil. The construction was controlled by IPB. The insurance firm had to re-value and decrease the value of the new residence to the real level, which is about CEK 600 mil. IPBP saw a gross profit of CEK 143 mil for 1Q 2001, 50% more compared to 1Q 2000. IPBP is managed by CSOB (Czech Republic). However, CSOB is engaged in a lawsuit with Domeana (Czech Republic) regarding shares in IPBP.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
CS-Zivnostenska Pojistovna will change its name and logo shortly
Article Abstract:
CS-Zivnostenska pojistovna (Pardubice, Czech Republic), insurance company, will change its name and logo. The insurance firm plans to announce its new name and logo after agreement at the end of Jun 2001. The company's logo should be similar to the new logo of its majority shareholder, the bank Ceska sporitelna (Prague, Czech Republic).
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Ceska Sporitelna increased its profit by about 50% for 1Q 2001. Ceska Sporitelna promises growing profits
- Abstracts: Tax Court invalidates famed example 5 of code sec. 2702 regulations: the way is now clear! Neonatalogy Associates: significant guidance in an era of extreme uncertainty
- Abstracts: A review and assessment of recent developments in the revised innocent spouse rules. Guidance from the IRS on making reverse-Starker exchanges
- Abstracts: Lula's recipe for Brazil's economic recovery: a little bit of give and take. Brazil Brings It On