Economic Insights

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Benefits of the Société Générale International Group


  • With the resources of the Société Générale Group, we benefit from vast experience in the area of international business operations in more than seventy countries worldwide.

  • V každé ze zemí mají naši zaměstnanci přímé znalosti prostředí a jeho specifik.

Services for Export and import

Bank guarantee
Payment and non-payment guarantees as an instrument mitigating commercial risks for a wide range of creditors.
  • Guaranteed payment if a secured obligation is not met 

  • Customize the guarantee in line with your individual needs

Documentary Collection
A documentary payment instrument that ensures security of business transactions for both parties.
  • Lower fees compared to Documentary Letter of Credit

  • Buyer may keep its financial funds longer

Documentary Letter of Credit
Bank’s commitment to only pay the purchase price to the seller after specific contractual conditions are met.
  • Buyer knows that goods are dispatched prior to payment

  • Seller receives payment upon fulfilment of defined conditions

Export Supplier Loan
A special-purpose loan aimed at financing the export of goods and services from the Czech Republic.
  • We provide guarantees, hedging, and production pre-financing

  • We will assist you with analysing and selecting suitable business partners

Trade & Finance OnLine
TF OnLine - Convenient and secure communication with your bank in Trade Finance
  • Online overviews of all transactions

  • Access the system from anywhere and at anytime

Contact us

Pavel Dubanský portrait
Pavel Dubanský


Benešov, Česká Lípa, Děčín, Hradec Králové, Chrudim, Jablonec nad Nisou, Jičín, Kolín, Kutná Hora, Liberec, Litoměřice, Louny, Mělník, Mladá Boleslav, Most, Náchod, Nymburk, Pardubice, Praha – východ, Rychnov nad Kněžnou, Semily, Teplice, Trutnov, Ústí nad Labem

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Michal Obručník portrait
Michal Obručník


Beroun, České Budějovice, Český Krumlov, Domažlice, Cheb, Chomutov, Jindřichův Hradec, Karlovy Vary, Kladno, Klatovy, Písek , Plzeň, Plzeň – jih, Plzeň – sever, Praha, Praha Západ, Prachatice , Příbram, Rakovník, Rokycany, Sokolov, Strakonice, Tábor , Tachov

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Radek Mendlík portrait
Radek Mendlík


Blansko, Brno, Brno – venkov, Bruntál, Břeclav, Frýdek-Místek, Havlíčkův Brod, Hodonín, Jeseník, Jihlava, Karviná, Kroměříž, Nový Jičín, Olomouc, Opava, Ostrava, Pelhřimov, Prostějov, Přerov, Svitavy, Šumperk, Třebíč, Uherské Hradiště, Ústí nad Orlicí, Vsetín, Vyškov, Zlín, Znojmo, Žďár nad Sázavou

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Libor Macášek portrait
Libor Macášek
Enterpreneurs and small businesses with turnover up to do 60 millions


Benešov, Beroun, Blansko, Brno, Brno – venkov, Bruntál, Břeclav, Česká Lípa, České Budějovice, Český Krumlov, Děčín, Domažlice, Frýdek-Místek, Havlíčkův Brod, Hodonín, Hradec Králové, Cheb, Chomutov, Chrudim, Jablonec nad Nisou, Jeseník, Jičín, Jihlava, Jindřichův Hradec, Karlovy Vary, Karviná, Kladno, Klatovy, Kolín, Kroměříž, Kutná Hora, Liberec, Litoměřice, Louny, Mělník, Mladá Boleslav, Most, Náchod, Nový Jičín, Nymburk, Olomouc, Opava, Ostrava, Pardubice, Pelhřimov, Písek , Plzeň, Plzeň – jih, Plzeň – sever, Praha, Praha – východ, Praha Západ, Prachatice , Prostějov, Přerov, Příbram, Rakovník, Rokycany, Rychnov nad Kněžnou, Semily, Sokolov, Strakonice, Svitavy, Šumperk, Tábor , Tachov, Teplice, Trutnov, Třebíč, Uherské Hradiště, Ústí nad Labem, Ústí nad Orlicí, Vsetín, Vyškov, Zlín, Znojmo, Žďár nad Sázavou

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A team of KB (macro) economists prepares analyses and predictions of key macroeconomic indicators for the Czech and Slovak economy for KB and its clients. Komerční banka’s GDP and inflation predictions received the Consensus Economics awards for the most accurate panellists participating in the Consensus Forecast survey in 2013 (Czech Republic) and 2014 (Slovakia).

Hitting the limits

Czech economy decelerating but inflationary pressures remain strong: Some sectors have been hitting production limits while parts of the economy lack support for quicker growth from the euro area. The slowdown is not being reflected in the labour market. There are more vacancies than job seekers, which will ensure that further wage growth propels inflation. 

Koruna set to appreciate gradually, CNB set to continue hiking rates: Ongoing excess of CZK liquidity will impede koruna’s appreciation, especially given elevated political uncertainty. We think the CNB will respond to strengthening inflationary pressure by hiking rates. The repo rate should climb to 2.5% by the end of the next year.   

Yield curve to bear flatten further: While the short end of the IRS curve should rise on the back of CNB tightening, the long end should remain under pressure from mounting foreign risks. We also expect CZGB yields to increase. A higher budget deficit in 2019 coupled with the need to refinance a large amount of CZGBs, should see their yields grow faster than IRS.

Download the full report

All commentaries and analyses are available for download via the KB Investment Banking website.

Since October 2011, we have been a member of the international banking of the Société Générale Group, one of the largest European financial groups. Société Générale has been playing a vital role in the economy for 150 years. With more than 154,000 employees, based in 76 countries, the group serves more than 32 million clients throughout the world on a daily basis. In each country, Société Générale employees as well as their clients are embedded within the local economy, thereby having first-hand knowledge of the given environment and its specificities.

Therefore, KB experts and our colleagues around the world will assist you at all stages of your international business operations:

  • Market entry and company incorporation abroad
  • Cash flow management
  • Transaction security and hedging
  • Currency risk management
  • Funding for your expansion to international markets

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