The Czech branch of Italian UniCredit Bank on Wednesday reported a net profit of Kč 1.115 billion for 2011, down 62 percent on the previous year. At the same time the bank said that if it had not been for the write-off of Greek bonds, its net profit would have risen by over 11 percent to Kč 3.35 billion.     

Zdeněk Tůma has been named to an advisory committee which should propose what reforms to make to the EU's banking sector. The advisory group has been put together to advise interventionist French Commissioner Michel Barnier, although Tůma has not been noted in the past for favoring too much central or local regulatory measures.

The French bank BNP Paribas has won a tender called by ČEZ to find a partner to finance the Kč 200 billion expansion of its Temelín nuclear power plant — if the power company decides not to go it alone, Czech Position has learned from a trusted source within the domestic energy sector. BNP Paribas beat out six other invited contenders: Citibank, Credit Suisse, Merrill Lynch, the Royal Bank of Scotland (RBS), Rothschild and HSCB.

Czech-founded Internet and mobile security software group AVG Technologies — due to begin trading on the New York Stock Exchange on Thursday —has set the pricing of its initial public offering of 8.0 million ordinary shares at $16.00 per share (the low end of the $16-$18 range initially announced).