KBC: Czech unit CSOB to become sole owner of CMSS
(CercleFinance.com) - CSOB, the Czech division of Belgian financial group KBC Group, is planning to buy the remaining 45% stake that it does not own in Czech savings bank CMSS for 240 million euros.
CSOB has agreed to acquire Germany's Bausparkasse Schwabisch Hall's stake in CMSS based on a price representing a 1.54 multiple of CMSS's standalone net book value.
"This acquisition marks our ambition to grow in our core markets and forms an excellent business opportunity in terms of strengthening our Czech retail franchise," KBC said.
The deal is expected to close before the end of the second quarter of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
CSOB has agreed to acquire Germany's Bausparkasse Schwabisch Hall's stake in CMSS based on a price representing a 1.54 multiple of CMSS's standalone net book value.
"This acquisition marks our ambition to grow in our core markets and forms an excellent business opportunity in terms of strengthening our Czech retail franchise," KBC said.
The deal is expected to close before the end of the second quarter of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.