Ceska sporitelna, Erste's 98%-owned Czech subsidiary, has called an EGM for November 4, to approve the sale of its non-life insurance business to the Kooperativa insurance company, Wiener Stadtische's Czech subsidiary. Erste seeks to optimize its group structure so that its insurance assets will focus exclusively on life insurance. The selling price has been set at approx. CZK 4.1 bil. for Pojistovna CS's 5.5% share of the domestic non-life insurance market.
Separately, CS is reportedly interested in the possible acquisition of the ABN Amro pension fund, which would increase CS's share of the domestic pension-fund market by 7% to 18%, which would make it No. 2 on the market. This is in line with CS's announced strategy to boost its overall market position through acquisitions on the domestic non-banking financial market. Neutral.
Jan Hájek