September 28, 2016 / 8:01 AM / in 3 years

China's CEFC requests Slovak approval to raise JTFG stake

BRATISLAVA, Sept 28 (Reuters) - CEFC China Energy Company Limited has asked Slovakia’s central bank for approval to raise its stake in J&T Finance Group, including banks in the Czech Republic and Slovakia, to 50 percent from 9.9 percent, CEFC said on Wednesday.

With CEFC raising its stake in JTFG, now majority-owned by two Slovak businessmen, CEFC will gain access to the Czech banking market as well as Russia, Croatia and Slovakia, a euro zone country where JTFG owns bank Postova Banka.

JTFG said in March that CEFC would pay 980 million euros ($1.10 billion) for the 50 percent stake, subject to regulatory approval by institutions including the Czech National Bank and the European Central Bank.

$1 = 0.8937 euros Reporting by Tatiana Jancarikova; editing by Jason Neely

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