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. Last Updated: 07/27/2016

Czech IPB Sold to KBC

PRAGUE, Czech Republic -- The Czech central bank, or CNB, said Monday all assets and liabilities held by the troubled Czech bank IPB a.s. had been sold to Prague-based bank CSOB a.s., majority-owned by Belgium's KBC Bank.

In a statement, the CNB, which took over the Nomura-controlled IPB on Friday due to liquidity problems at the third-largest Czech bank, said it had begun the process of rescinding IPB's banking license. This followed an auditor's report that said: "Losses atIPB significantly exceed the bank's total equity," the CNB said.