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China's CEFC takes stake in Czech-Slovak J&T Finance Group
May 14, 2015 / 2:51 PM / 3 years ago

China's CEFC takes stake in Czech-Slovak J&T Finance Group

PRAGUE, May 14 (Reuters) - China’s privately-owned CEFC China Energy Group Ltd has taken a 5 percent stake in Czech-Slovak J&T Finance Group, an initial step in a partnership of the investors focused on finance and energy, J&T said on Thursday.

The Group has so far been fully controlled by its two founders, Ivan Jakabovic and Josef Tkac. J&T Finance Group owns financial firms including J&T Banka active in the Czech Republic and Slovakia and the Slovak Postova Banka.

CEFC invested 78.95 million euros in new capital at the financial group, Czech daily E15 said. That would value the firm at 1.6 billion euros. A J&T spokeswoman declined to comment on the value of the investment.

Patrik Tkac, member of the Board of Directors of J&T Finance Group, told the Czech edition of the Forbes magazine in January this year that J&T bank was looking for fresh capital to expand its business activities and the money could come from new partners.

He said in that interview the initial stake to be taken by the Chinese partner was small due to regulatory issues and could be raised at a later date, but the founders would still retain a majority. (Reporting by Petra Vodstrcilova; Editing by Jan Lopatka)

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