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Article: Czech Republic Daily Business Report (Daily News Briefs: OCT 25, 2002).
- Article from:
- Czech Republic Business Report Daily
- Article date:
- October 25, 2002
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HEADLINES
CNB approves sale of Union Banka to Italy's Invesmart
The Czech National Bank (CNB) has approved the entry of the Italian financial group Invesmart in Czech bank Union banka (UB), Invesmart spokeswoman Nikola Mitosinkova told Interfax.
Invesmart signed a contract to purchase 70 % of UB from the Union Group (UG) for CZK 2.83 bn in May 2002. Originally, the CNB did not approve Invesmart's entry because Invesmart failed to prove the origin of funds to be used for the purchase of UB. Investmart sent the CNB the required documents earlier this week.
The negotiations with the CNB were on the level, according to Invesmart CEO Paolo ...