Czech Banks in the Digital Age
Nowadays, there are more banking houses in the Czech Republic than there were eight years ago; however, the number of branches and employees is decreasing and the contact with clients is changing. Slowly, banks are adapting to life in a digital world where handling cash gives way to advisory and consulting. How does this manifest itself in the Czech Republic?
At the end of July 2017, 47 local banking houses and branches of foreign banks were active in the Czech Republic. There were nine Czech banks, ie banks with a major Czech interest in the share capital; in a further 13 banks, the interest of foreign capital from EU countries prevailed and in one bank (the Russian Expobank), the major interest in the share capital came from countries outside the EU and the EEA.
There are a total of 23 branches of foreign banks from EU countries in the Czech Republic. Also, a branch of one foreign bank from countries outside the EU and the EEA is active in the Czech Republic, namely the Bank of China. ICBC, another one of the large Chinese banks, gained a licence to operate in the Czech Republic this year.
The number of banks operating on the Czech market has increased over the past eight years. Whereas in 2009, the banking licence was held by 39 banking houses, by the end of July 2017 it was already 47 banks. The greatest increase was recorded with branches of foreign banks from EU countries, from 18 in 2009 to 23 in 2017. On the other hand, the number of banks owned predominantly from countries outside the EU has dropped lately; in 2015, three banks of that origin operated in the Czech Republic, whereas today, solely one remains. In case this analysis caught your interest, please visit www.ceskovdatech.cz to discover more.