Swiss Life acquires Fincentrum
Czech fund ARX Equity Partners and Capital Dynamics of Switzerland, after year-long discussions, sold the financial brokerage Fincentrum, active in the Czech Republic and Slovakia, to Swiss Life. The investors acquired their majority stake in Fincentrum back in 2013, and are now selling it for over €40m. With annual sales of €60m, Fincentrum is No. 1 or 2 on the Czech and Slovak market. In Slovakia, it posted a 69% drop in net profit to €0.5m last year, and its sales were down 18% to €14.7m, due partly to the departure of some of its agents in 2016.