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Ten Foreign Banks Plan Entry to Czech Market after EU Accession

Ten foreign banks have informed the Czech National Bank (CNB) of their intentions to enter the Czech banking market, reports the weekly Euro.

With Czech accession to the EU on May 1 of this year, foreign banks can operate on the local market under a single banking license. They are only required to inform the CNB of their plans to do so.

According to Euro, Austrian and British banks are the most interested in launching operations in the Czech Republic and will focus on asset management services.

Austria’s Privat Bank is the only foreign bank to announce plans to open a branch in the CR, the CNB’s Petr Jiricek told Euro. Other banks plan to simply provide services in the country.

Other banks planning to enter the Czech market according to Euro include Austrian banks Constantia Privatbank, Bankprivat, Raiffeisen Zentralbank Osterreich, Partner Bank and British banks Standard Bank London, J.P. Morgan International Bank, J.P. Morgan Europe, HSBC Bank and Rathbone Investment Management.

(Interfax 11.vi.04)

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