Slovak News Back to the news
Penta Purchases Majority Stake in Dexia Banka Slovensko
Thursday 11 November 2010 Zoom in | Print page
Bratislava, November 11 (TASR) - The Franco-Belgian Dexia bank announced on Thursday that it has reached accord with Slovakia-based investment group Penta concerning the sale of an 88.71-percent stake in its subsidiary Dexia banka Slovensko, TASR learnt later in the day.
According to Dexia, the deal forms part of an agreement with the European Commission. The EU's executive branch required that the bank, in exchange for a €6.4-billion emergency package that it had received from Belgium, France and Luxembourg, should dispose of its Slovak subsidiary by October 31, 2012.
"As a new shareholder, Penta Investments has a sound banking strategy and a clear vision for expanding the retail activities of the bank and preserving its franchise with the municipal sector," said Dexia banka Slovensko CEO Stefaan Depaepe. "Clients will continue to benefit fully from top-quality services," he promised.
According to Dexia, the share-purchase agreement was signed in line with standard terms and conditions and is now subject to approval from Slovakia's central bank (NBS) and the country's Anti-monopoly Office (PMU). The transaction is expected to be completed in the first quarter of 2011.
According to Penta Investments, the purchase sum won't be disclosed.
"Dexia group will continue to support Dexia banka Slovensko until the transaction is completed, in order to secure a smooth transition while continuing to provide excellent services to its clients," Dexia banka spokesman Michal Furik told TASR in an interview.
Partner at Penta Investments Jozef Oravkin said that the group aims to preserve Dexia's long-term partnership with local authorities, which will remain one of the main pillars of the bank.
In addition, the group sees potential in boosting activities in the retail banking sector and in strengthening the bank's position in the region, reads Oravkin's statement.
All rights reserved. Any publishing or further dissemination of press releases and photographs from TASR's resources without TASR's prior written approval constitutes a violation of the Copyrights Act.
