Swiss Life Group Acquiring Czech Firm FincentrumČTK
Prague, Sept 4 (CTK) – Swiss Life financial group is buying Fincentrum, a major financial consultant company in the Czech Republic, becoming a leader on the Czech and Slovak independent financial consultancy markets, Swiss Life told CTK today.
Both companies are keeping their established brands, business structures and service portfolios, deciding not to disclose the price of the transaction.
The capitalinked.com portal’s analyst Radim Dohnal estimated that the value of 100 percent in Fincentrum is Kc700m-Kc1bn.
The acquisition needs to be approved by regulation offices, and it is expected to be completed in the last quarter of this year.
“Over the past 18 years, we have become a renowned company which is now entering the international market via the Swiss Life’s acquisition,” Fincentrum’s founder, co-owner and head Petr Stuchlik said adding that the deal will strengthen the company’s market position.
Stuchlik, who is ANO movement’s number one candidate in the October local elections in Prague, leaves the post of Czech and Slovak Fincentrum’s board chairman today, terminating his employment by the end of September, he said.
Stuchlik said he would leave the company regardless of the election’s results.
Fincentrum’s activities complement the portfolio of Swiss Life Select, and together the companies will be able to use the market’s potential more, said Nils Frowein, the chairman of Swiss Life Select CZ’s supervisory board and a member of Swiss Life Group’s board of directors.
The overall production share of the two companies on the market is some 20-25 percent, according to estimates of Jiri Sindelar, the chairman of the Czech association of companies providing financial solutions.
Fincentrum was established in 2000, currently having more than 2,500 consultants in Czechia and Slovakia. Its turnover exceeds Kc1.6bn.
Swiss Life is a leading European financial group providing pension and financial solutions. Its key markets are Switzerland, Germany and France.
The group has roughly 8,000 employees and some 5,000 certified financial advisers.