Belgian KBC Group, Owner of CSOB, Buying 365.bank from J&T for €761 million

Bratislava/Prague/Brussels, May 15 (TASR) - The Belgian KBC Group, operating in Slovakia through Ceskoslovenska obchodna banka (CSOB), is buying a 98.45-percent stake in 365.bank from J&T Finance Group for €761 million, CSOB spokesperson Zuzana Fecova informed TASR on Thursday. The transaction is still subject to regulatory approvals and is expected to be completed by the end of this year. According to Fecova, the acquisition of 365.bank will strengthen the CSOB banking group on the Slovak market. It will significantly increase CSOB's market share in the retail segment; for example, in the area of ​​loans, including mortgages, to some 20 percent. Data from the end of 2024 show 365.bank's share of the Slovak banking market in terms of assets at 3.7 percent, with a significant presence in the retail segment. The purchase price equals 1.4-times the book value of 365.bank as of December 2024 and 9.4-times the price-to-net profit ratio of the bank between 2022 and 2024. The transaction price may be additionally adjusted under the terms of the contract, said the spokesperson. "Our goal has always been to strengthen our position in key markets in central and eastern Europe. In Slovakia, which is a key market for us, we have been systematically building and strengthening our position for more than 20 years via organic growth and acquisitions," said KBC Group general director Johan Thijs, who welcomed the conclusion of the agreement. "It wasn't so long ago that we merged with the former OTP Banka Slovensko and less than two decades ago with the former Istrobanka. This third acquisition in a row means for us a future merger with a significant player that is largely shaping the Slovak banking market with an emphasis on a pro-customer orientation and innovative solutions," said CSOB general director Daniel Kollar. The 365.bank brand was first introduced in 2018 as a fully digital bank. In 2021 it was merged with Postova banka, acquiring its portfolio and branches in Slovakia. As of December 31, 2024, it had total assets worth €4.7 billion, equity capital amounting to €551 million and 1,292 employees. ko/df