Československá obchodní banka

Československá obchodní banka, a.s.
Industry Financial services
Founded 1964
Headquarters Prague, Czech Republic
Bratislava, Slovakia
Number of locations
 280 branches + 3300 post offices
Area served
 Czech Republic, Slovakia
Key people
 Ing. Pavel Kavánek (CEO)
Products Banking, insurance, asset management, pension funds, leasing and factoring
Revenue CZK 19.2 billion (2008)[1]
CZK 13.6 billion (2014)[2]
Total assets CZK 865.64 billion (2014)[2]
Owner KBC Bank
Number of employees
 8,468 (2008, bank only)[1]
Parent KBC Bank
Website www.csob.cz
The administrative building of the Československá obchodní banka in Prague – Radlice by Josef Pleskot

Československá obchodní banka, a.s. (ČSOB) is one of the largest commercial banks operating in the Czech Republic.[3] It is a universal bank that offers a full range of banking services to individuals and companies. It operates 280 ČSOB branded branches, and 3,300 Česká pošta (Czech postal company) branches under the brand name Poštovní spořitelna.

The bank is owned by Belgium-based KBC Bank. Until 2008 ČSOB also operated in Slovakia, but in 2008 a new company Československá obchodná banka, a.s. (ČSOB Slovakia) was created under direct control of KBC Bank. Czech ČSOB holds a 47% minority stake in Slovak ČSOB. Since 2011, the bank has sponsored the Czech ice hockey club HC Pardubice, which took the name HC ČSOB Pojišťovna Pardubice.[4]

History

ČSOB was established in 1964 in the former Czechoslovakia as the sole bank providing foreign trade, financing and convertible currency operations. After 1989, ČSOB expanded its activity to include services for entrepreneurs and for individuals.

A major milestone in ČSOB's history was its privatisation in June 1999, when the Belgian KBC Bank (a member of the KBC Group NV) bought a 66% majority stake from the Czech government for 40 billion CZK.[5] Later, in 1999, KBC bought a further 16.63% stake from the National Bank of Slovakia. At the same time the European Bank for Reconstruction and Development purchased 7.47% from the NBS.[6]

Prior to acquiring its bankrupt competitor Investiční a poštovní banka in 1999, ČSOB was the fourth-largest bank in the Czech Republic. The acquisition of Investiční a poštovní banka, at the time the third-largest Czech bank, brought an additional 3.3 million customers and a network of 179 branches.[7]

Since 1 July 2008 ČSOB Slovakia has begun to merge with Istrobanka following the latter's acquisition by KBC.

In November 2009, KBC announced a plan to float 40% of ČSOB on the Prague Stock Exchange the following year.[8]

ČSOB Group

ČSOB Group is one of the largest financial institutions in the Czech Republic. From 1 January 2013 KBC Group's core market activities have been arranged in three business units: Belgium, the Czech Republic and International Markets. The Czech Republic Business Unit includes[1] the ČSOB Group, ČSOB Pojišťovna (an insurance company), ČSOB Asset Management, Hypoteční banka (a mortgage bank), ČSOB leasing (the largest leasing company in Czech Republic[3]) and Patria Finance.

Headquarters

References

External links

Wikimedia Commons has media related to ČSOB.
This article is issued from Wikipedia - version of the Wednesday, June 17, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.