Czech banks should pay up to 20 percent of their dividends into a new state deve...
PRAGUE - Czech banks should pay up to 20 percent of their dividends into a new state development fund, Prime Minister Andrej Babis said on Sunday, as his government sought new revenue streams against a backdrop of slowing growth.
The country’s banks have been strong profit drivers for their mostly western parents, with their combined earnings rising 9 percent to 82.1 billion crowns in 2018.The largest Czech banks are all foreign-owned. CSOB is held by Belgium’s KBC, Ceska Sporitelna is part of Austria’s Erste Group, and Komercni Banka is majority-owned by France’s Societe Generale.
Babis has rejected introducing a sector tax on banks’ assets, which his junior ruling partner the Social Democrats had proposed to raise budget revenue. Instead, he said on Sunday banks could pay into a new state development fund being readied. He added talks with banks were still ongoing and the amount of the payment was open to discussions. “We are saying, try to leave some of this here, we will use it for investments, for the fund of national development.”
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