The Czech Export Insurer EGAP will take control of the Czech Export Bank (CEB) in a move voted into law by the government on Monday. This will prevent the two agencies from competing with each other for export business.
The Minister of Finance Alena Schillerova (ANO) released a statement on twitter saying that the move will create efficiencies in operations and marketing with released funds having direct ties into the state ledger.
The CEB will no longer compete with commercial lenders but will instead act as an extension of lending options, which commercial lenders are not interested, or cannot, support. The transaction will complete a simplification of the structure for the two lender/insurers over the past several years.
