KBC Bank, which owns Irish Intercontinental Bank, has completed the acquisition of the Czech government's 65.7 per cent stake in Ceskoslovenska Obchodni Banka (CSOB) for €1.06 billion (£0.8 billion).

The acquisition is the first time a privatisation in the Czech Republic has involved a foreign commercial bank taking control of a Czech financial institution.

CSOB has 54 branches in the Czech Republic and a further 15 branches in Slovakia.