In October 2006, Komerční banka finalised acquisition of the remaining shares of Modrá pyramida stavební spořitelna from BHW and Česká pojišťovna. KB thereby raised its stake in the company from 40% to 100%. The acquisition price was EUR 144 million (approximately CZK 4.2 billion).
The transaction has provided KB with better access to Modrá pyramida’s more than 800,000 clients, of which some 610,000 had no other banking relationship with KB. The acquisition is in line with KB’s strategic focus on continuing to enhance its business activities and revenues generation. This represents a significant strategic step in expanding on its home market.
KB and MPSS are benefiting from significant cross-selling potential and synergies stemming mainly from the MPSS customer base and its well-trained and exclusive network of financial agents.