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EBRD increases its presence in a leading Slovak bank
The European Bank for Reconstruction and Development (EBRD) will increase its stake in a leading Slovak bank, Pol'nobanka a.s., to 20 per cent, by investing €10.1 million to acquire shares from Unicredito Italiano S.p.A., the current controlling shareholder. Unicredito will retain a 74 per cent stake.
Since becoming a shareholder of Pol'nobanka in 1994, the EBRD has developed a close relationship with the Slovak bank. In recent months, its 20 per cent position had been partially diluted because of capital increases; the new transaction allows it to regain its historical 20 per cent shareholding.
"The EBRD is actively supporting the development of a competitive financial sector in the Slovak Republic," Kurt Geiger, head of the EBRD's Financial Institutions team, said. "Unicredito Italiano is a key partner for the EBRD in the region and we intend to work together to support the growth and strengthening of Pol'nobanka in the Slovak corporate, SME and retail market."
"We are very pleased that the EBRD will increase its stake in Pol'nobanka, especially in light of its historical role in supporting the development of Pol'nobanka, and are confident that the EBRD's involvement will add value to the bank", said Roberto Nicastro, head of Unicredito Italiano's Foreign Banks and New Growth Division. "The strategic partnership between the EBRD and Unicredito Italiano in Pol'nobanka, on the same basis as the partnership which is already providing excellent results in Pekao, one of the leading Polish banks, will foster Pol'nobanka's development into a major bank in the Slovak Republic. "
Pol'nobanka was established in 1990 as a joint-stock company to support the Slovak agricultural sector. The bank has since developed into a full commercial bank operating across a broad range of industries and targeting the fast growing private sector with a particular emphasis on small and medium-sized enterprises. It is today the fifth-largest bank by assets in the Slovak Republic.
To date, the EBRD's portfolio in the Slovak Republic's financial sector amounts to a commitment of €110.1 million.
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