LBBW makes Czech acquisition

by Richard Kilner

Story link: LBBW makes Czech acquisition

German bank Landesbank Baden-Württemberg (LBBW) has acquired Czech firm BAWAG Bank CZ, and renamed it LBBW Bank CZ.

LBBW Bank CZ has its headquarters in Prague and will operate as LBBW’s full subsidiary inside the Czech Republic.

The acquisition marks LBBW’s first steps into the country, with 23 branches employing 350 members of staff.

LBBW Bank CZ presently has a balance sheet total of some 1.2bn euros, and pre-tax profits of 7m euros in 2007.

At present, the firm has 25,000 private customers, and 2,000 corporate customers.

Dr. Siegfried Jaschinski, chairman of LBBW’s Board of Managing Directors, addressed a press conference today, and stated that the Czech market had excellent perspectives and a good potential for growth.