Meinl Bank is back on the Czech market, having established a new branch. The bank plans to target wealthy Czechs as well as Czech-based Russian and Ukrainian clientele. Peter Weinzierl, a Meinl Bank board member, explained that Prague has become a key business hub for East European companies. The positive economic trend and lucrative tax system has already attracted 50,000 Russians and Ukrainians to settle here. In addition to its core banking business, Meinl plans to venture into real estate. Meinl used to have a strong presence in the Czech market, but a scandal involving its daughter company, Meinl Land, damaged its reputation.
Israelian Gazit Globe took over the business through Atrium, which owns a number of shopping centers across the Czech Republic. Meinl Bank plans to focus on property acquisitions and project management through its newly established arm Prague Home Invest. “The prices of property are still low in Prague compared to Vienna or Berlin. We see a strong potential on this market,” Weinzierl was quoted saying in e15 report. Prague Home Invest will act as both a project developer and property investment fund.
