Prague - German bank Landesbank Baden-Wuerttemberg (LBBW) said it has entered the Czech market Wednesday through a takeover of a subsidiary of Austria's BAWAG Bank in the Czech Republic.

LBBW plans to expand the 23 branches of BAWAG Bank CZ and use them as a launching pad to Central and Eastern Europe, LBBW management reported.

The German bank is to focus on medium-sized and large German and Czech firms as well as affluent private clientele.

BAWAG Bank CZ, to be renamed LBBW Bank CZ, is the ninth largest bank in the Czech Republic. The purchase price was not disclosed. (dpa)