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CZECH Rep.: CSOB and Ceska posta signed 10-year agreement on banking and insurance services

Ceska posta (Czech Post) and CSOB Group (the Czech Republic Business Unit of Belgian KBC Group) concluded a 10-year partnership agreement on the provision of banking and insurance services.

All of Ceska posta's existing agreements covering the provision of financial services expire at the end of 2017, thus the new agreement comes into force on 1 January 2018 when CSOB Group will become the sole partner in providing these services.

The agreement was signed by Ceska posta CEO, Martin ELKAN and CSOB CEO and Chairman of the Board, John HOLLOWS, in the presence of the Minister of the Interior of the Czech Republic, Milan CHOVANEC.

"By signing this agreement, Ceska posta and CSOB Group are extending a quarter of a century of mutual collaboration under the Postovni sporitelna brand (The Postal Saving Bank). The new partnership will generate a marked increase in Ceska posta's revenues and profitability, facilitate investments of hundreds of millions of Czech koruna by CSOB Group and bring about an increase of up to 60% in the number of available specialised counters at post offices", KBC Group announced in a statement.

Ceska posta is a state enterprise that is responsible for the provision of postal services. With a workforce of approximately 33 000, it is the second biggest employer in the country. Postovni sporitelna provides its services to nearly 2 million clients.

CSOB Group is one of the three biggest providers of financial services in the Czech Republic with total assets of CZK 1.4 billion and the market leader in the areas of mortgage lending, building society savings, private banking and leasing. CSOB Group is part of the KBC group.

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