“During negotiations with Ping An Bank on possible cooperation, we identified a host of investment opportunities and agreed, with regard to our potential long-term cooperation, that it would be worth establishing a common investment structure that would make it possible to join the capital strength of both entities with investment know-how and knowledge of the local market,” said Patrik Tkáč, Deputy Chairman of the Board of Directors of J&T Finance Group SE, in commentary.
Funds aimed at both capital investment and private equity structures will attain EUR 5 billion. The fist step of cooperation will see the establishment of a company focused on investment and capital management in the Czech Republic, with initial assets of two billion euros. This will be followed by the establishment of an investment fund with capital of three billion euros. Its aim will be to invest in assets, especially in the areas of finance, energy, natural resources, modern and high technologies, real estate, logistics, and production and other industries or infrastructure. The third step, which will take place this year, will see close to 500 million euros invested in investment projects in the Czech Republic, with all banking regulations and the laws of both countries being observed.
About J&T Finance Group SE:
J&T group focuses on providing comprehensive private and retail banking services, asset management services for private clients and institutions, investment banking services and project financing services. It is developing its services in the markets of the Czech Republic, Slovakia, Croatia and Russia. For more information, see www.jtfg.com
O Ping An Bank Company Ltd.:
Ping An Bank, a Chinese national joint-stock bank, is the first publicly traded bank of its kind. It was listed on the stock exchange in Shenzhen, where it is also headquartered, in 1991. The bank’s total assets as at the end of 2015 attained RMB 2 507 149 billion, which constitutes a 14.67% increase compared to the beginning of the same year. Deposits also saw strong growth, increasing 13.09% during the year to RMB 200 738 billion. Because of its positive financial results and continued growth, the bank strengthened its standing and increased its market share. Ping An Bank received the Golden Dragon award in the “2015 Chinese Financial Institution Gold Metal List“, which is co-organised by the Financial Times and the Financial Institute of the Chinese Academy of Social Sciences. It has won “Best Joint Stock Banking Corporation of the Year” a number of times in a row and has been awarded “Top Ten Internet Finance Innovation Bank”.
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