CEFC ups holding to 50% in J&T Finance Group

CEFC ups holding to 50% in J&T Finance Group

Published at: 2017-05-05 11:19 | Author: CIJ Journal
CEFC increased its holding in J&T Finance Group (JTFG) from 10 to 50 percent. The Czech Antimonopoly Office has already greenlighted the deal. The Chinese investment group will control the company together with Jozef Tkáč and Ivan Jakabovič. CEFC paid €980m (CZK 26.3bn) for the share. The deal opens way for JTFG to secure €800m (CZK 21.5bn) from the China Development Bank to finance specific projects. Both partners want to provide retail banking across the CEE region through shares in at least two strong banks. They are also looking to expand their retail banking service to China by establishing a J&T Bank branch there. CEFC already purchased a 60-percent holding in the Slavia football club, a majority share in the Lobkowicz brewery and a stake in Travel Service. It also invested into Médea Group and Empressa Media as well as property.

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