Komercní banka : Notice of sale of KB’s fully owned subsidiary VN 42, s.r.o.
June 21, 2024 at 07:06 am
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Komerční banka, a.s., with its registered seat at Praha 1, Na Příkopě 33/969, Zip Code 114 07, Id. No. 45317054, registered in the Commercial Register maintained by the Municipal Court in Prague, section B, file No.1360 (hereinafter referred to as "KB" or "Komerční banka") announces that
On 21 June, Komerční banka, as the Seller, concluded an agreement with the City of Prague, as the Buyer, on the sale of the subsidiary VN 42, s.r.o., with registered seat at Praha 1, Václavské náměstí 796/42, Nové Město, Id. No. 020 22 818, registered in the Commercial Register maintained by the Municipal Court in Prague under file number C 214638, which KB fully owns (hereinafter referred to as "VN 42, s.r.o.").
VN 42 owns the building at Václavské náměstí 42 and related movable property and financial assets. The building is currently leased by VN 42, s.r.o. to Komerční banka and other tenants.
In September 2023, VN 42, s.r.o. reclassified the property it owns as an asset held for sale due to its expected sale.
On 12 March 2024 Komerční banka, through Knight Frank, spol. s r.o., invited interested parties to submit offers for the purchase of VN 42, s.r.o. On 26 March, after evaluating the bids received, the Board of Directors of KB decided to start negotiations on the terms of a possible future sale of VN 42, s.r.o. with the best bidder, the City of Prague. Based on the negotiations, a contract was prepared, which was approved by the Prague City Council on 10 June 2024, on 17 June 2024 by the Board of Directors of KB and on 20 June 2024 by the Prague City Assembly.
The preliminary purchase price of VN 42, s.r.o. under the agreement is CZK 3,542 million. The sold company VN 42, s.r.o. together with the building and land at Václavské náměstí 42 also includes other assets and liabilities. The final purchase price will be determined on the basis of the financial statements of VN 42, s.r.o. as at 30 June 2024. The transfer of the company to the City of Prague will take place at the beginning of July 2024.The sale will have positive impact to the consolidated result in third quarter 2024. The sale also includes an agreement on the lease of part of the premises in the building at Václavské náměstí 42 by Komerční banka until the end of 2026 at the latest.
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21 June 2024 and is solely responsible for the information contained therein. Distributed by
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Komercni Banka a.s. is one of the largest Czech banking groups. Net interest income breaks down by activity as follows:
- retail bank (59.1%): sale of classic and specialized banking products and services (leasing, consumer loan, retirement funds management, insurance, etc.);
- business bank (33.1%);
- investment and market bank (5%): investment funds management, financial intermediation, etc.;
- other (2.8%).
At the end of 2021, the group had CZK 948.6 billion in current deposits and CZK 738.9 billion in current loans.
Products and services are ensured through a network of 242 branches located in Czech Republic.
KOMERCNÍ BANKA, 
