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. Last Updated: 07/27/2016

Czech Bank to Announce Sale of Stock

PRAGUE -- An offering of global depository receipts in the Czech Republic's biggest savings bank later this spring could herald other sales of bank stock to foreign investors, a senior minister said Wednesday.

A maximum 10 percent of the state's holding in Ceska Sporitelna is likely to be offered soon in the bank's planned global share program, Privatization Minister Jiri Skalicky said in an interview.

The state shares are held by a holding agency, the National Property Fund. It has a 45.64 percent stake in Sporitelna, where most Czechs stored their money under communism and which still has by far largest volume of deposits in the country.

Sporitelna's Chairman Jaroslav Klapal told Reuters the bank expects to issue $30 to $40 million worth of GDRs, possibly by the end of the first half of this year. The bank chose Deutsche Morgan Grenfell and Bankers Trust International to lead manage the issue.