Wüstenrot stavebná sporiteľňa is closing down
Wüstenrot stavebná sporiteľňa, a small building savings bank, is terminating the sale of new building saving policies and the provision of loans. Instead, it is setting up Wüstenrot InHouseBroker that will sell loans and investment products. The new venture will cooperate with its sister insurer, Wüstenrot poisťovňa. The bank says building saving has been losing appeal since the state tightened conditions for its subsidy. Last year, Wüstenrot SS posted a 54% drop in net profit to €0.7m and its sales fell 12% to €15.9m.
Prvá SS (market share of 83% and last year’s net profit of €8.2m) and ČSOB SS (5% and €0.8m), the other two building saving banks, have no plans to discontinue selling building saving policies.
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