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EBRD to sell stake in Ceska Sporitelna
The European Bank for Reconstruction and Development (EBRD) has agreed to sell its full equity stake of 5.92 per cent in Ceska Sporitelna, the second-largest bank in the Czech Republic, to DIE ERSTE österreichische Sparkasse Anteilsverwaltungssparkasse (AVS), an Austrian savings bank holding company. The sale follows an offer by AVS to all shareholders to buy their shares at CZK 375 per share.
The investment was a good example of the Bank operating under its core mandate - promoting transition to a market economy through private-sector investment, said Noreen Doyle, First Vice President at the EBRD. "Ceska Sporitelna, having performed well in recent years following the purchase of a majority stake by Erste Bank, is now in a strong position to move forward without EBRD involvement and to provide a top quality universal banking service to its clients in the Czech Republic", Ms Doyle added.
The EBRD paid €67 million for its stake in Ceska Sporitelna in June 1998, prior to the bank's privatisation.
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