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Czech eBanka likely to be rebranded, Raiffeisen reveals

Following its acquisition by Raiffeisen International, Czech bank eBanka is likely to be renamed, the head of the Czech Republic arm of the Austrian group has told the local press.

When Raiffeisen Bank’s acquisition of eBanka was announced recently, it was unclear whether the latter would retain its name or be rebranded by its new parent. Now, however, Czech news agency CTK reports that Lubor Zalman, head of the Czech branch of Raiffeisenbank, told the weekly Euro journal that eBanka will be rebranded as Raiffeisen Bank within two years.

Mr Zalman reportedly told the weekly newspaper that the company did not consider it worthwhile to retain the two brands in a market the size of the Czech Republic.

The E130 million deal, under which Raiffeisen will acquire 100% of eBanka from current owner PPF, subject to the relevant regulatory approvals, will create the sixth-largest bank in the Czech Republic.

With the acquisition, Raiffeisen will boost its retail customer base by over 70% to almost 300,000 clients in the Czech Republic.