Československá obchodná banka, a.s., and Poštová banka, a.s., have agreed on sale of the pension management company ČSOB d.s.s., a.s. today. Poštová banka, a.s. will become the 100 percent owner of ČSOB, d.s.s., a.s.
The transaction is still subject to the approval of the National Bank of Slovakia and of the Antimonopoly Office. It is expected that the whole process will be finalized and the transaction will be completed in the course of the next few months.
Československá obchodná banka will support Poštová banka until completing the transaction in order to ensure smooth transfer of the clients and their pension saving plans under the administration of Poštová banka.
ČSOB d.s.s. was established in 2004 pursuant to the act on old-age pension saving system, as 100% subsidiary of Československá obchodná banka. It has almost 94 thousands of clients now. As of 31 December 2010, it was managing almost 210 mil. EUR in three pension funds – conservative, balanced and growth.
Michal Holík, Board member of Poštová banka: „Buying ČSOB d.s.s. we succeeded to amend the portfolio of services of Poštová banka group also in the field of pension saving plans in the second-pillar pension saving system. Due to that fact, we will be able to provide complex care for finance under the same roof both to our present and new clients. At the same time, we consider this step an excellent possibility to take the market chance with the goal of providing services in the highest quality possible.”
Daniel Kollár, Board Chairman and Managing Director of Československá obchodná banka: „Pension management company and corporate pension funds are no strategic business area for ČSOB. In addition, we are not able to influence the external conditions in which DSS (pension management companies) run the business. In this case the management and return of investments is unpredictable. Therefore, we have decided on sale of the pension management company already last year. However, ČSOB financial group will still provide the broadest range of financial products in Slovakia.“
Vladimír Šošovička, Board Chairman and Managing Director of ČSOB d.s.s.: „Change of the company owner will have no significant impact on the clients of ČSOB d.s.s. Their pension savings will be still appreciated in three pension funds that the clients selected at the moment of entering the second pillar. The assets in funds are separated from the company assets, and investments are subject to the regulation of the National Bank of Slovakia. On behalf of the current company and fund management, I can confirm that we hand over the funds in good condition, invested very prudentially, and I do not expect any negative impact on pension savings of ČSOB d.s.s. clients in the nearest future. The clients will be advised of the next steps by the new shareholder.“
Patria Corporate Finance act as financial advisor to the seller.