KBC acquires 365.bank

Belgium’s KBC Bank, owner of ČSOB, has agreed to acquire 365.bank for €761m. J&T Finance Group (Jozef Tkáč and Ivan Jakabovič) is selling its 88.6% stake, while CEO Andrej Zaťko is divesting his 9.9% share. The price equals 1.4 times the book value and 9.4 times net profit for 2022–24. The merger will combine the fourth- and fifth-largest banks in Slovakia by revenue, though their combined revenues remain below those of Tatra banka, Slovakia’s third-largest. However, their joint mortgage market share of 18% exceeds that of Tatra banka. 365.bank is also active in consumer lending (via Ahoj) and asset management (365.invest). KBC also values 365.bank’s partnership with state-owned Slovenská pošta that provides it with a wide consumer base. KBC previously acquired Istrobanka and OTP Banka.

(forbes.sk, sme.sk, zive.sk)