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August 30th, 2008
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November 14th, 2007 | Current Issue

Securities revolution
Amid delays and bourse protest, EU unites capital markets

BRIEFS


BUYBACK The state-controlled energy utility ČEZ has reacquired more than 7 percent of its shares for 46.3 billion Kč ($2.5 billion) as part of its 10 percent buyback plan, Hospodářské noviny reported Nov. 13. The speed of the purchases could endanger revenues the state plans to derive from its ongoing sale of 7 percent of the company, the paper said.

PENSIONS Domestic pension funds made a profit of 3.45 billion Kč in the first nine months of this year, up from 2.6 billion Kč for the same time last year, the Czech Association of Pension Funds reported. The funds have added 252,000 new customers since the beginning of the year.
VGP Shares of the industrial developer VGP industriální stavby will begin trading on the Prague Stock Exchange within three weeks, Thomson Financial reported Nov. 12. VGP’s listing is expected to raise some 150 million euros (4 billion Kč/$220.5 million) and must still be approved by the securities commission in Brussels, where it will also be listed.
EURO The Czech Republic will be the last country in Central Europe to adopt the euro, the “Euro Team,” a collection of prominent economists, announced Nov. 7. External investors are not pleased with the country’s delays in adopting the euro, which likely will not happen before 2013 or 2014, it said.
SALE UniCredit Czech Republic is selling off its building and loan bank Hypo, with three banks in the bidding, Hospodářské noviny reported Nov. 7. The transaction should be completed within the next few weeks, with the leading bidders GE Money Bank, Raiffeisen stavební spořitelna and Wüstenrot. Hypo earned 132 million Kč last year.
BEST Komerční banka has won a contest for best bank in the Czech Republic, organized by MasterCard. Komerční also won the award in 2004 and 2005, before falling to second behind Česká spořitelna last year. Pavel Kavánek, chief executive of ČSOB, was named the country’s best banker, while Raiffeisenbank was named the most dynamic bank for its merger with eBanka.

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