Istrobanka Completes Acquisition of ČSOB

Istrobanka has made a significant move in the banking industry with the completion of its acquisition of ČSOB.

The acquisition has expanded Istrobanka's presence in the region, allowing it to offer a wider range of services to its customers.

Istrobanka's acquisition of ČSOB has marked a major milestone in the company's history, solidifying its position as a major player in the banking sector.

The acquisition is expected to bring numerous benefits to Istrobanka's customers, including improved access to financial services and a broader range of products.

Istrobanka has changed hands, and it's big news for the Slovak market. ČSOB bank's owner, KBC Group, bought Istrobanka from BAWAG for €350 million, a significant deal that exceeds estimates by Austrian analysts.

This acquisition makes KBC Group a stronger player in the Slovak market, with a 10% share, and Istrobanka becomes the fourth strongest player in the country. By assets, Istrobanka is the tenth biggest Slovak bank.

KBC Group is betting on the Slovak market to grow faster than any other country in the region. The transaction is still pending approval from the National Bank of Slovakia and the Antitrust Office of the Slovak Republic, but if it's approved, the sale should be concluded in the third quarter of this year.

ČSOB bank itself is a strong player in the Czech Republic, and KBC Group has also invested in other countries like Romania, Bulgaria, Serbia, and Russia.