ČNB doubts sources of CEFC funding
The Czech central bank ČNB turned down a request from Chinese investment group CEFC to acquire a 50% stake in the J&T Finance Group, the main asset of which is the Slovak bank Poštová banka (it also owns smaller banks in Czechia, Russia, and Croatia) on November 20, 2017. ČNB argues it has serious doubts over the source of CEFC’s funding. CEFC appealed the decision and provided more information about its finances. Interestingly, CEFC’s acquisition has already been green-lit by ECB as well as central banks in Slovakia, Croatia, Russia, and Barbados.