Ceska sporitelna said that it invested CZK 4.4 bil. in IT modernization in 2001 (card center, call center, SAP system) and that it plans to invest another CZK 4.6 bil. this year. Both figures are higher than previously announced (CZK 2.7 bil. and CZK 4.0 bil., respectively). Given the bank’s past underinvestment in IT, higher capital expenditures are necessary for CS to improve its product and service quality. Source: CS. Neutral.
(Jan Hajek)