ČSOB buys BSH's 45% stake in Českomoravské stavební spořitelny

ČSOB has become the sole owner of the construction savings bank Českomoravské stavební spořitelny by acquiring the 45 percent stake that had been held by a German savings bank. ČSOB paid Bausparkasse Schwäbisch Hall CZK 6.15bn for full control of CSS and its 1.3 million clients in a deal that will still have to be approved by the anti-monopoly office. The deal is expected to go through during the second quarter of the year. ČSOB was attracted by the savings bank's sales force, which it says will benefit by being connected with a market leader.