The largest banks in the country are foreign-owned and have often faced criticism for their distributions flowing abroad
Prague — Czech banks should pay up to 20% of their dividends into a new state development fund, Prime Minister Andrej Babis said on Sunday, as his government sought new revenue streams against a backdrop of slowing growth.
The largest Czech banks are all foreign-owned. CSOB is held by Belgium's KBC, Ceska Sporitelna is part of Austria’s Erste Group, and Komercni Banka is majority-owned by France’s Société Générale. Babis has rejected introducing a sector tax on banks’ assets, which his junior governing partner the Social Democrats had proposed to raise budget revenue. Instead, he said banks could pay into a new state development fund being readied.
Talks with banks were continuing and the amount of the payment was open to discussions, he said. “We are saying, try to leave some of this [dividend] here, we will use it for investments, for the fund of national development.”
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