BRATISLAVA, November 11, (WEBNOVINY)- The Dexia Group has sold its 88.71-percent stake in Dexia Banka Slovensko to the investment group Penta Investments. The transaction is part of an agreement with the European Commission from February 2010. This sets the deadline for the sale of Dexia Banka Slovensko by Dexia Group for October 31, 2012. “Penta Investments as a new shareholder has a healthy banking strategy and a clear vision aimed at expansion of the bank; retail activities and is determined to continue deals in the communal sector. Clients will continue to fully profit on top quality services,” said Stefaan Depaepe, the general director of Dexia Banka Slovensko.
Penta said in its statement that it is not going to publish the price of the acquisition. It said that after the transaction is completed it will make a price bid also to minority shareholders including towns, villages and individual investors. Penta is interested in continuing partnerships with municipalities, which will remain one of the pillars of the bank’s business. Penta sees opportunities mainly in the retail sphere. Its aim therefore is to expand retail activities of the bank and boost its position in this sector, “We want to bring top quality services to clients, also via the expansion of the network of its subsidiaries”, said Penta Investments partner Jozef Oravkin. Dexia Slovensko has 49 subsidiaries across the country.
Dexia informed that sales contract was sealed under standard conditions and has yet to be cleared by the National Bank of Slovakia and the Antitrust Office. The completion of the transaction is expected in the first quarter of 2011. The Dexia group pledges to continue supporting Dexia Banka Slovakia until the sale is completed to secure smooth provision of professional services to the bank’s clients.
Several entities were interested in Dexia Banka Slovensko. Of financial groups, J&T ad Istrokapital showed interest in it while later also Penta confirmed it is interested in being in running. In mid-October, J&T objected that the process of the sale was not transparent and informed the media that Penta is the winner. According to J&T there were several bidders who were prevented from seriously running for the bank. Penta answered that time that the process had not been completed but said that it is standard.
Dexia Banka Slovensko operated on the Slovak market as Prva Komunalna Banka from 1993 until the end of September 2003. The financial group Dexia became the majority shareholder of Dexia Banka Slovensko in May 2000.
SITA
