The CNB fines ČSOB for violating the Consumer Protection Act

The Czech National Bank has imposed a fine of CZK 3,000,000 on Československá obchodní banka, a. s., for violating the Consumer Protection Act. ČSOB carried on misleading commercial practices when offering and promoting banking services under the name of Poštovní spořitelna.

Československá obchodní banka offered and promoted banking services under the name of Poštovní spořitelna in a manner which gave the impression that Poštovní spořitelna was a stand-alone bank and was independent of Československá obchodní banka. Poštovní spořitelna is part of Československá obchodní banka.

The decision imposing the sanction entered into force on 14 September 2010. Československá obchodní bank was simultaneously prohibited from continuing the unlawful conduct.

Tomáš Zimmermann
Czech National Bank
Communications Department