Doing Business In - International Franchise Association
Doing Business In - International Franchise Association Doing Business In - International Franchise Association
Ministry of Defense, Czech Republic Phone: +420 973 201 111 E-mail: posta@army.cz Web: www.army.cz US Commercial Service Ms Luda Taylor, Commercial Specialist US Embassy Prague Trziste 15, Prague 1 Tel.: +420 257 022 310 Email: luda.taylor@mail.doc.gov Additional Publications: Internal security issues (crime, developments in individual kinds of crime and security risks) are covered in the report “Security Situation in the Czech Republic” written by Czech Ministry of the Interior. A comprehensive overview of all external security issues is covered in the report “Security Strategy of the Czech Republic” which was produced by the Ministry of Foreign Affairs and adopted by the Czech Government on February 10, 2004. As the Czech Republic is an EU accession country, it must consult on all external security issues with the European Union and comply with the “Common European Security and Defense Policy” that defines external action through the development of a military crisis management capability as well as a civilian one.
Financial Services (FNS) Overview Return to top In billion USD 2007 2008 2009 est. Pension Funds 8.8 10.1 11 Insurance Market 7.0 7.4 7.7 Source: Czech Insurance Association, Association of Pension Funds of the Czech Republic, CS Prague unofficial estimates Czech banks have so far managed the banking crisis as one of the strongest financial sectors in Europe. The primary reason is a lower ratio of customer loans to customer deposits, the high propensity of Czech consumers to save and the careful approach of Czech banks to lending. The Czech financial sector is extremely conservative compared with international benchmarks. Czechs have a very low debt level, almost a fifth compared to the UK. Higher deposits make local banks less dependent on other sources of financing. Czech banks focus primarily on classic retail banking (loans and deposits) and are much less involved in investment banking common in the US. There are 38 banks operating in the Czech Republic, 31 of them are foreign-owned. The market is dominated by a small number of foreign (primarily European) banks, including CSOB (KBC, Belgium), Ceska Sporitelna – CS (Erste Bank, Austria), Komercni banka – KB (Société Générale, France), and UniCredit Bank (Unicredit Group, Italy), which generate the majority of the profit in the banking sector. The market is fairly open and looks increasingly like that in other EU countries. Best Products/Services Return to top • Retail banking – deposit products, internet banking • Private banking • Mortgages • Private pension funds • Insurance Opportunities Return to top • Despite contraction in major industries, Czech banks have actually increased earnings in 2009. Czech banks net profit increased by 9% in the first three quarters of 2009, to US$2.2bn. Although more difficulties are expected in 2010, as the share of unpaid loans will rise, banks are expected to cope well with the situation. Banks have introduced new deposit products, especially long-term deposits to attract new clients. Internet banking has become very popular and
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- Page 3 and 4: table for conversion to the euro ha
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Financial Services (FNS)<br />
Overview Return to top<br />
<strong>In</strong> billion USD 2007 2008<br />
2009<br />
est.<br />
Pension Funds 8.8 10.1 11<br />
<strong>In</strong>surance Market 7.0 7.4 7.7<br />
Source: Czech <strong>In</strong>surance <strong>Association</strong>, <strong>Association</strong> of Pension Funds of the Czech Republic, CS Prague<br />
unofficial estimates<br />
Czech banks have so far managed the banking crisis as one of the strongest financial<br />
sectors in Europe. The primary reason is a lower ratio of customer loans to customer<br />
deposits, the high propensity of Czech consumers to save and the careful approach of<br />
Czech banks to lending.<br />
The Czech financial sector is extremely conservative compared with international<br />
benchmarks. Czechs have a very low debt level, almost a fifth compared to the UK.<br />
Higher deposits make local banks less dependent on other sources of financing. Czech<br />
banks focus primarily on classic retail banking (loans and deposits) and are much less<br />
involved in investment banking common in the US.<br />
There are 38 banks operating in the Czech Republic, 31 of them are foreign-owned. The<br />
market is dominated by a small number of foreign (primarily European) banks, including<br />
CSOB (KBC, Belgium), Ceska Sporitelna – CS (Erste Bank, Austria), Komercni banka –<br />
KB (Société Générale, France), and UniCredit Bank (Unicredit Group, Italy), which<br />
generate the majority of the profit in the banking sector. The market is fairly open and<br />
looks increasingly like that in other EU countries.<br />
Best Products/Services Return to top<br />
• Retail banking – deposit products, internet banking<br />
• Private banking<br />
• Mortgages<br />
• Private pension funds<br />
• <strong>In</strong>surance<br />
Opportunities Return to top<br />
• Despite contraction in major industries, Czech banks have actually increased<br />
earnings in 2009. Czech banks net profit increased by 9% in the first three<br />
quarters of 2009, to US$2.2bn. Although more difficulties are expected in 2010,<br />
as the share of unpaid loans will rise, banks are expected to cope well with the<br />
situation. Banks have introduced new deposit products, especially long-term<br />
deposits to attract new clients. <strong>In</strong>ternet banking has become very popular and