Czech group bought by CSFB and Winterthur
Shareholders at the Czech Union Group have accepted a bid by Credit Suisse First Boston and Swiss insurer, Winterthur, to take over the group, which controls the country's largest pension fund.
Union’s spokesman, Josef Rericha, said in a statement that the owners plan to sell the mid-sized bank Union Banka, a key part of the group, at a later date to an unspecified bank interested in Czech retail banking.
Union Banka posted a nine-month loss of 37 million crowns on total assets of 25 billion crowns.
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