UniCredit Merges in Czech Republic and Slovakia

On Decemeber 1, UniCredit Bank Slovakia will merge with UniCredit Bank Czech Republic, after which UniCredit Bank Slovakia will cease operations and UniCredit Bank Czech Republic will take over under the new name UniCredit Bank Czech Republic and Slovakia.

As a result of the merger, all securities services functions in Slovakia will be carried out by a foreign branch of the new entity, since the bank will be based in Czech Republic. The combined bank will be able to operate in Slovakia based on the license it has in Czech Republic, because both nations are members of the European Union.

All custody contracts and client assets with the Slovakian bank will automatically transfer to the new bank after the merger. Also, there will be no changes to the staff of Global Securities Services Slovakia, as all eight employees of this division will remain in Bratislava, Slovakia.

“The cross-border merger will not impact the provision of securities services by UniCredit in the Slovak Republic. There will be no change in legal arrangements, client static data, daily operational processes as well as in the relationship management contacts in GSS Slovakia. The new bank will provide the best products and services available on both markets and we expect an increase in their quality as a result of using our ‘best of’ know-how from both countries to the benefit of the new bank,” the company said in a letter to clients.