A popular bank suddenly closed in the Czech Republic. No one expected that, you will no longer log into your account

Gone are the days when one bank after another entered the Czech Republic because they saw a very lucrative market here. After all, the big banks did whatever they wanted with their clients here. They charged considerable fees for practically any little thing, for example for sent and incoming payment, account management, but also for account cancellation.

It did not work

It was not surprising that many banks saw space here, as they were able to offer their services for free and earn money from the operation in such a way that it was not so obvious to clients. Despite the fact that with them also came higher interest on savings accounts.

But many of these banking houses no longer exist. For example, Equa Bank was eventually absorbed by Raiffeisenbank, and Hello Bank also ran into problems. She first announced in the spring of this year that she was no longer recruiting new clients and would only provide services to existing ones.

But even that didn’t last long, and a few months later it started sending out termination letters for products like checking and savings accounts. And finally, it really stopped working completely, including internet banking, which was only in operation until the end of November.

It has already stopped working

“Dear clients, as we previously informed you, the operation of the mobile application and Internet banking Hello bank! was terminated on 30.11.2023,” is written today only on the Hello Bank website, which ends very infamously. Although it did not go bankrupt like last year’s Sberbank, no one showed interest in it as a whole, so it basically had to dissolve. Clients with accounts have not been transferred anywhere, but simply have to open an account themselves at another bank.

The most valuable part of it was the loan portfolio, which Česká spořitelna eventually acquired for itself and has already established contact with clients regarding the further repayment of loans.

Read also: The largest Czech bank mixed up clients. They have to go through an unpleasant anabasis, many run away

Apart from the fact that this particular bank is ending, it is also proof that we cannot expect any banks to enthusiastically enter the domestic market in the coming years. On the contrary, consolidation and merging into much larger units will be more likely, but this is not necessarily good for clients.

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