KŠB assisted in the first spin-off of a commercial company in the Czech Republic

This project was realized within the PPF Group in which a part of the assetsfrom Česká pojišťovna a. s. was spun-off to establish the new company Home CreditGrand Holding a. s.

Spin-offs were included in the Commercial Code with effect from April 1, 2006(Section 69, subsection 4) as a new form of legal transformation of a company.They are possible in either the form of spin-off to establish new companies orspin-off with parallel merger or by a combination of the above forms.

Česká pojišťovna a. s. was split as part of restructuring within the PPF Groupaimed at creating a separate holding structure under which a commercial line wasconcentrated focusing on the provision of consumer loans, thus separating itselffrom the insurance business from both the administrative and risk viewpoint. Thefact that this new institute itself was realized in a company that is aregulated entity was an important specific character of this project.