Poštová banka acquired consumer finance firm Amico Finance
Poštová banka, owned by the J&T Finance Group, acquired consumer finance firm Amico Finance, No.4 on the Slovak market of installment sales with an 11% market share. Amico Finance was sold by its founder, electronics retailer Nay (Peter Zálešák and Ján Tomáš). Now, it only sells loans in Nay stores, but the new owner plans to expand distribution substantially. The bank hired Jaroslav Kiska, who used to run installment sales for the VÚB bank, to advise it with the new acquisition. The bank’s strategy will be based on three pillars—sale of consumer and housing loans, installment sales and its online bank 365. Last year, Amico Finance lost €1.1m on €3.8m sales. It has been in the red since establishment in 2015.