Air Bank gets license from Czech National Bank

Air Bank received its banking license from the Czech National Bank (ČNB) June 3, and the Petr Kellner venture is expected to open its doors for business sometime in the second half of this year, according to a press release from the PPF Group, Air Bank's mother company. Formerly named Brusson, a.s., the subsidiary applied for the license in June of last year.

The new bank attracts a fair amount of attention considering its creators. The PPF Group is the largest investment group in Central and Eastern Europe. Petr Kellner is the richest Czech with an estimated net worth of $9.2 billion, according to Forbes magazine.

The chief executive officer is listed as Erich Čomor in the ČNB registry, formerly the country manager of Home Credit Czech Republic and Slovakia, PPF's consumer loan company headquartered in the Netherlands. Home Credit operates in the Czech Republic, Slovakia, Russia, Kazakhstan and Belarus. In late May, the Financial Times reported that PPF was planning an international IPO for the Home Credit company.

Čomor previously worked as the chief marketing and product officer for GE Money Bank in the Czech Republic, experience that would give him an advantage in launching a retail bank.

"For the many years we have been running a financial services business in various countries ... we have gained ample experience and gathered top-quality experienced managers. On the basis of this expertise and these personalities we have now built a bank that will be simple, understandable, and, above all, very personal. We believe that the Air Bank brand will soon find its position on the highly competitive Czech banking market," said Jiří Šmejc in a statement on the PPF Group website. Šmejc is chairman of the group executive committee and a shareholder with a 5 percent stake in the PPF Group, the second-largest stake after Petr Kellner's 94.25 percent.

According to its license, Air Bank will offer basic retail services including deposits, loans and lease financing.

Claire Compton can be reached at
ccompton@praguepost.com