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Julius Baer raises stake in Czech Komercni

New York-based Julius Baer Investment Management LLC has raised its stake in Czech Komercni Banka to 15.08%, Komercni said on Tuesday, from 8.45% - reported in January.

Komercni, 60% owned by Societe Generale, said in a statement it had been notified by Julius Baer Investment Management, that neither it nor its clients were the formal owners of the shares, which are held by custodians.

Komercni is the only listed Czech bank and has a market capitalization of $10.2 billion. The stock fell 5% on Tuesday to 4,087 Czech koruna as it went ex-dividend. The shares have lost 6.4% so far this year, compared with a 9.3% loss recorded by the main Prague PX index. (Reuters)