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J&T enters Poštová banka, a.s.

2. November 2011

The merger of Istrokapitál and the J&T group is the first step in achieving a long-term strategic partnership. J&T is interested in the increase of its share in the bank on the basis of further mutual negotiations. It will offer the bank the opportunity for faster market penetration among the largest Slovak banks. Future shareholders expect the increase of their market share in the financial market segments in which they are interested.

Mario Hoffmann, chairman of the board of directors of ISTROKAPITAL SE:
“Poštová banka has been in the spotlight of attention of its competitors for many years and the offers that I receive prove that it is currently one of the key market players. It has always been my ambition to further develop the bank. That´s why I have decided, after a thorough consideration, to accept the offer made by J&T and thus create the opportunity for the bank´s ranking to be among the top five strongest banks.”

Patrik Tkáč, deputy chairman of the board of directors of J&T FINANCE GROUP, a.s.:
“The combination of the capacities of Istrokapitál and J&T, as well as the use of the synergies between Poštová banka and the companies of our group, and the potential acquisition of other financial institutions, for which resources are readily available, enables us to create a large multinational financial institution and to participate in the consolidation of the financial market in the Slovak Republic and Czech Republic.”

Poštová banka is the most dynamic bank on the Slovak market and this trend has been confirmed for several years. The bank continuously grows not only in the key financial indicators but also in the form of the extension of its portfolio with the products and services of its subsidiaries. In addition, during the first wave of the global economic crisis, the bank was strengthened, especially by its flexible product policy, thanks to which it was able to help its clients overcome the crisis’ impacts through its adapted products. It was one of the reasons for its growth in this period, as regards the volume of provided credits and the volume of received deposits. The bank is also applying the same strategy in this period and is still prepared to flexibly react to the needs of its clients. By the entry of a new shareholder, Poštová banka creates conditions for its further expansion, growth, and increase of its share on the financial market, in spite of the expected second wave of the global economic crisis.
Before the entry of the new shareholder, the majority shareholder, together with the management of Poštová banka, decided to undertake steps with the aim to create sufficient provisions required for the fulfilment of requirements of the Eurozone and for the protection of the bank´s clients against potential uncertainties on financial markets. The bank will create provisions and raise more own funds totalling EUR 250m in the form of:

  • Increasing the capital of the bank by EUR 50m to EUR 132m at the extraordinary general meeting of Poštová banka to be held in December;
  • Allocation of profit for the year 2011 at the estimated amount of EUR 90 m to the provisions of the bank;
  • Reception of funds at the amount of EUR 110 m from the majority shareholder in the form of financial security instruments.

The implementation of these steps will ensure the fulfilment of the expected legislative measures and requirements, including requirements for the amount and quality of own funds. This means that the bank will protect itself sufficiently against potential loss resulting from the decrease of value of Greek state bonds and fulfil the requirement for the increase of basic own funds (Core Tier 1) to 9% of risk-weighted assets before the agreed date. All of these measures will be taken into account in the economic results of the bank for the year 2011 that will be published at the beginning of year 2012.

Marek Tarda, chairman of the board of directors and general manager of Poštová banka, a.s.:
“Poštová banka will thus further reinforce its stability that we regard as the key prerequisite of our further dynamic growth. These steps are also proof of power of the bank´s shareholders and their ability to cope with this period of financial and economic crisis without external help, which the bank already proved in the crisis year of 2009, when it increased its profit by 143%, while a larger part of the Slovak banking sector was dominated by a decline of profits.”

author: JUDr. Nikol Kubaská - PR Manager & Hovorca