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Euro: ABN Amro Poised to leave Czech Retail Banking Market

The Dutch financial group ABN Amro is leaving the Czech retail banking market, reports the Czech business weekly Euro in its latest edition.

Having sold its pension fund to Ceska pojistovna (CP), the leading Czech insurance company, the Dutch group now plans to sell ABN Amro Asset Management to Ireland’s Kilcullen Kapital Partners. The deal is said to be worth between CZK 40 mln and CZK 50 mln.

Euro says ABN Amro had originally wanted to sell the pension fund and Asset Management firm as a block, but could find no bidders interested in both.

The problem, says the weekly, is that the Asset Management firm has one main asset – a contract to manage the assets of the pension fund. Its remaining assets are worth only CZK 3 bn.

Euro says the Irish buyer is aware of the situation and therefore refused to buy the entire firm at once.

(Interfax 22.xi.04)

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