Austrian banking group Raiffeisen International has signed an agreement to acquire eBanka, the Czech Republic's only Internet bank, for EUR310 million from financial services firm PPF.
Formed in 1998 eBanka is a subsidiary of Ceska pojistovna, the largest insurance company in the Czech Republic. The unit has around 117,000 online banking customers in the country and employs around 900 staff.
The acquisition will increase Raiffeisen's customer base in the Czech Republic to almost 300,000.
PPF says eBanka's chairman and CEO Luboš Èerný will step down following the acquisition, which is expected to close in two months.