Austrian financial group Wüstenrot has been trying to sell its Slovak building savings bank and insurer for some time, according to sources of the N daily. Potential investors are already conducting due diligence, but Wüstenrot refuses to comment. Recently, it sold its Czech building savings bank to Moneta Money Bank. Wüstenrot is No.8 on the Slovak non-life insurance market, No.10 in life insurance and No.2 in building savings. The Slovak insurance sector is posting low profits and must pay an 8% tax on non-life insurance premiums. The state subsidy for building savings clients was cut in 2019. Market consolidation is the inevitable response; Aegon and Axa have recently left the Slovak insurance market, and Poštová poisťovňa is for sale, too.
In banking, OTP is selling its Slovak subsidiary, with Penta and KBC being favorites to buy it.