The Chinese company CEFC has acquired a 50 percent stake in J&T Finance Group (JTFG). The two partners have signed a strategic contract on the arrangement, but the deal still has to be approved by antimonopoly offices of all countries in which JTFG is active. CEFC currently has a 10 percent stake in the financial group. The contract includes €800m from China Development Bank to be invested into various projects. Chairman of the JTFG board Patrik Tkáč says that the partnership opens way for the group to strengthen its position internationally and expand to new markets. CEFC and JTFG plan to offer retail banking in CEE through two banks. CEFC is also in negotiations about taking over 50 percent in Penta, which has Prima banka, Privatbanka and Sberbank Slovensko in its portfolio. In all, Czech businesses signed 30 contracts with Chinese companies at the Czech-Chinese economic forum in Prague this week. Chinese investment should total CZK 95bn.
