Ceska sporitelna’s EGM saw an expected reshuffle of the bank’s supervisory board yesterday, in favor of representatives of the Erste Bank of Austria, which is in the process of purchasing a 52% stake of the bank from the government. Four out of 12 supervisory board members were replaced. The changes will become effective when Erste assumes shareholder rights in CS. Separately, the completion of the sale of Ceska sporitelna to Erste will be delayed because the Czech government insisted on Erste’s direct ownership of CS, instead of (the originally planned) Erste’s indirect ownership through a holding company. The sale will be delayed until the end of July. The shareholder meeting and the procedural delay had little effect on CS stock, which gained slightly on Tuesday in an across-the-board rally.
(Ondřej Daťka)