KB bank signs memorandum to buy remaining stake at SGEF CR

Prague, July 19 (CTK) - Komercni banka (KB) bank has signed a non-binding memorandum of understanding with Societe Generale Equipment Finance (SGEF SA) and its parent company Societe Generale to buy the remaining 49.9 percent stake at SG Equipment Finance Czech Republic (SGEF CR), KB told CTK today.

KB already owns 50.1 percent of SGEF CR. Acquisition closure is scheduled for the first quarter of 2025.

"We are taking this step as the majority shareholder of SGEF CR," said KB board chairman Jan Juchelka.

"The purchase of the remaining stake is a logical and strategic step for Komercni banka, which aims to further deepen our long-term and successful cooperation on the market of corporate investment financing," he said.

KB's exclusive ownership creates new opportunities to further strengthen expertise in specialised financing, said Reinhold Knodl, CEO of SGEF CR.

SG Equipment Finance operates in the Czech Republic and Slovakia, providing finance lease, operating lease and loans including subsidised support. It finances investments in industrial equipment, modern technologies, transport and agricultural equipment and healthcare.

Komercni banka is one of the largest domestic banks. Its majority shareholder is the French bank Societe Generale with a 60.4 percent stake.

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