CEFC China Energy Co., Ltd. (CEFC) announced today that its agreement to purchase Czech financial group J&T will likely be terminated. This is due to the complexity and uncertainty of approvals from central banks of the Czech Republic, Slovakia and Barbados and other countries.
J&T provides a full set of services covering private banking, personal and corporate assets management, investment banking and project financing, with a focus on the Czech Republic, Slovakia and Russia.
CEFC is an energy and financial services provider founded in 1984, with a strategic goal of expanding its international cooperation in energy.
On 15 April 2016, CEFC announced that completing the acquisition by the end of the year would not be a realistic goal.
CEFC plans to focus its business operations along the “Belt and Road” countries on energy and finance and its investments in Central and Western Asia, Central and Eastern Europe, and Africa. In addition to its existing “Big Energy” strategy, CEFC has supplemented its core services with financial services in oil fields, refineries, gas stations, reserves , trade, transportation, banking, securities, futures, leasing, and trading centers to transform itself into an “Energy + Finance” corporation. It has partnered with China’s Bank of Communication and China Investment Securities to co-establish a RMB 10bn foundation, which provides services to companies conducting industrial investments and M&As along the “Belt and Road”.
CEFC said that it is about to increase their investments in oil and gas energy in Central and Western Asia, Central and Eastern Europe, and Africa. It also intends to acquire quality financial assets overseas. With partnerships with more financial institutions, CEFC will increase its investments and seek more acquisition targets to better serve the company’s development strategies.