Deposit insurance after the merger of Equa bank with Raiffeisenbank
Prague, 2nd December 2021 - With effect from 1st January 2022, this merger by acquisition will result in all assets of Equa bank a.s. being legally transferred to Raiffeisenbank a.s. The Financial Market Guarantee System notifies clients who have deposits with both these institutions that this merger will also have an impact on statutory deposit insurance. A common limit of EUR 100 000 per person for this merged entity will apply to clients from the date of the merger.
A bank involved in the merger has a statutory obligation1 to inform its clients of such a transaction at least one month before the final merger takes place.
Equa bank has already done so through its declaration dated 29 November 2021.
After a bank provides information about the merger in this way, clients may withdraw, or transfer to another bank, their funds that exceed the statutory insurance limit within the next three months without penalty, regardless of whether they are current, savings or term deposits.
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1 Section 41s of Act No 21/1992, on banks, as amended.