Merger of HYPO stavební spořitelna a.s. and Raiffeisen stavební spořitelna a.s.

The CNB’s decision of 30.07.08, in which the CNB granted consent in joint administrative proceedings regarding the winding-up of HYPO stavební spořitelna a.s. without liquidation and its merger with Raiffeisen stavební spořitelna a.s., took effect on 31.07.08.

The administrative proceedings were launched on 15.05.08. It was found during the proceedings that both banks fulfilled the conditions necessary for granting prior consent:

• concerning the decision of the General Meeting on the winding-up of HYPO stavební spořitelna a.s. and its merger with Raiffeisen stavební spořitelna a.s., and
• concerning the merger of Reiffeisen stavební spořitelna a.s. and HYPO stavební spořitelna a.s.

Thus, the CNB issued the aforementioned decision and approved the merger of the banks within the period stipulated by law.

Pavlína Bolfová
CNB spokesperson