A Major Interview with David and Tomáš Hubáček

What does a billionaire’s son receive for his eighteenth birthday? The opportunity to shadow his father in business meetings. In an interview for E15, brothers David and Tomáš Hubáček describe what it was like growing up with a workaholic father as a role model—and how they now divide authority over the financial, real estate, and energy arms of the group: a family empire built on the belief that the best investments are the ones you can go and see for yourself.

Talk of generational succession has long been present in Czech business, yet in practice there are still relatively few completed handovers. All the more attention is therefore drawn to CREDITAS Group. Pavel Hubáček decided to pass on his empire as early as the age of 55—an uncommon move even among domestic billionaires. Last spring, he transferred ownership stakes so that his sons David and Tomáš each received 20 percent, while the remainder is held by Hubáček’s wife, representing their two underage daughters. He stepped back from the group’s leadership, though he has not disappeared entirely. He remains an experienced voice in the background—someone the family can turn to at any time.

The highlight of that day was a negotiation over price. This is precisely what makes the Hubáček story interesting. There was no dramatic generational clash, nor any hastily drafted handover protocols. When Tomáš Hubáček recalls how his father introduced him to the world of big business, one memory stands out above all: his eighteenth birthday. His gift was unusual—the chance to spend an entire day shadowing his father.

“At the time, I didn’t have any great expectations. I only had a vague idea of what his work actually involved. But spending around ten hours with him, going from one meeting to another, gave me a much clearer picture. What struck me most was the intensity, the pace—truly one meeting after another. One of them was especially crucial for me: a negotiation with E.ON over pricing. That left a strong impression on me. I realized I actually enjoyed it,” Tomáš recalls.

Today, he draws on these experiences, for example, in integrating the recently acquired Maltese and Belgian bank MeDirect into the group’s banking infrastructure.

In David Hubáček’s case, the process was more gradual—a slow absorption of a rhythm he had known since childhood. Conversations about work, fragments of information, his father’s demeanor and lifestyle, and the awareness that their family background differed from that of most of his peers. He also emphasizes that there was never a directive at home along the lines of: You will take this over one day. Instead, the environment itself was naturally inspiring.

“What mattered most was that our father led by example. He worked a lot—he was a workaholic—and you could see that rhythm at home. You observe how your parents work, how they function, and it influences you. But it was never framed as: This is what you’ll do. There was no hard pressure,” David explains.

Today, the division of roles is relatively clear. David leads the group’s real estate and development activities and is also responsible for its energy assets, while Tomáš oversees the financial arm, including the banking business.

CREDITAS Group is built on three main pillars—financial services, energy, and real estate. According to last year’s figures, the group manages assets exceeding CZK 325 billion, employs around 2,500 people, and reported a net profit of over CZK 5.5 billion. This is why its succession model is being watched more closely than those of smaller family businesses. The key question is how the governance of a group that has long outgrown its regional roots is evolving.

One more aspect stands out in the interview with the Hubáček brothers. While they have fully stepped into their business roles, they continue to be supported by their father, founder Pavel Hubáček. David describes how they recently discussed a development project in Kunčice in the Jeseníky Mountains.

“It wasn’t that he designed the project in detail. Rather, he outlined possible scenarios and reminded me of certain historical experiences and connections. That’s the invaluable part of his experience—he can transform it into feedback that makes you think and work further with it. He had some very concrete comments, and thanks to them I’ve already arranged further meetings with architects,” David says.

Neither of the brothers describes their current role as a family obligation. Tomáš says his path toward finance was natural—he studied a related field, and the next step followed logically. David, on the other hand, was drawn to development. Before fully joining CREDITAS Group, he pursued his own projects. Even before taking primary responsibility for the group’s development division, he worked on solar power plants and built houses, mainly in Olomouc and its surroundings, where the family originates. His own experience, along with his father’s guidance, is now proving valuable in one of the most demanding projects CREDITAS Group has undertaken—the construction of its ambitious new headquarters in Prague’s Rohanský ostrov district.

David, what was the very first real estate project of CREDITAS Group that you worked on? How did you get involved in it?
DH The very first project was the reconstruction of the bank’s headquarters in Olomouc about ten years ago. When I think back to how I actually got involved, I remember one specific moment. My father handed me a large folder of documents—we were standing between the Red Church and what would become the future headquarters of Banka CREDITAS in Olomouc—and he said: “Construction starts here tomorrow, and you could be part of it.” That may have been the moment I truly became interested in development. There was an experienced team I could learn a lot from. It was my first real opportunity to see development up close and go through the entire process from start to finish. I enjoyed it, I was personally very engaged at the time, and I liked being there. Looking back, it was an experience that set my direction. I stayed in development, and gradually more projects followed—eventually my own, outside the group.

Looking back at the Olomouc headquarters, would you do anything differently?
DH It was a reconstruction of a building located on the edge of a historic zone. Essentially, only the structural skeleton was preserved, and we also added a partial extension at the rear, where we installed an automated car parking system. At the time, this was quite a unique feature in Olomouc—similar solutions existed only in Prague and Ostrava. It created seventeen parking spaces, which was a very attractive solution in the city center. Of course, with hindsight, some things could have been done differently.

Now you’re dealing with a much larger headquarters—the new seat of Banka CREDITAS on Rohanský Island in Prague. How is it to build such a large office building?
DH Rohanský Island is the real deal; the Olomouc headquarters was essentially a trial run. This is on a completely different scale—we’re talking about facilities for around two thousand people, with leasable space exceeding 17,000 square meters, and an investment of roughly CZK 2 billion. The situation on Rohanský Island is also evolving over time. Initially, we expected part of the space to be occupied by external tenants, but gradually we are using more and more of it for our own companies. One part of a tower is still prepared for lease. At the moment, up to three quarters of the space is allocated to CREDITAS Group, although the exact figure is still being updated. In a way, both projects demonstrate how much CREDITAS Group has grown over the past ten years.

Energy is increasingly shaping the real estate sector. Both individuals and companies are focusing more on self-sufficiency and minimizing energy costs. What synergies do you see between your real estate and energy businesses?
DH Thanks to our energy division UCED, we have know-how that allows us to develop projects that are either energy self-sufficient or significantly more efficient. Technology is playing an increasingly important role in real estate, and in the coming years it will have a major impact on the entire market. Because we manage energy within the group, we can anticipate certain trends and needs in advance. Synergies arise not only at the level of individual projects, but also within locations, negotiations, and the redevelopment of brownfields, where we create space for new distribution systems.

Are clients more demanding today than they used to be—not only in terms of energy?
DH Definitely. In the past, people mostly cared about things like bathroom tiles. Today, they are interested in the architectural concept of the entire building, common areas, technological features, and the final operating costs. They also pay more attention to available services, planned development in the surrounding area, the final phase of multi-stage projects, and construction timelines. They want to know all of this—and that’s perfectly logical. As prices rise, so do expectations of quality. The same applies to rental housing. Projects need to be thoroughly thought through to offer adequate comfort and long-term durability, and to ensure that adjustments are made according to plan rather than only when problems arise. These factors now influence even the design phase.

How do rental apartments differ from those intended for sale?
DH It’s important to understand that rental housing and apartments for sale are not the same product. We always try to choose a model that makes sense in the long term, and in some projects we combine both approaches. In the coming years, we expect to have around ten thousand apartments in our portfolio, with roughly ten percent designated for rental. To make rental units attractive, their layouts, standards, shared amenities, and in-house services must reflect tenants’ needs. This has to be considered already during the planning phase. All our apartments are fully equipped, so tenants can arrive with a suitcase and not worry about anything. Rental projects tend to work best in locations with good transport accessibility, for example near metro stations. They are often somewhat smaller in size, although that is not always the case. Everything depends on the target clientele and the project concept from the very beginning.

That doesn’t apply, for example, to your U Milosrdných project in central Prague, where rents start at CZK 45,000.
DH That’s true. U Milosrdných is a purely rental project and, for us, a trophy asset that we wanted to retain. It was a very demanding project, mainly due to heritage protection in Prague 1. In fact, it is essentially the only new building in the Old Town. I’m proud that we managed to complete it after 27 years. It required great patience, respect for the historical context, and a top-tier team. The result is an exceptional building with high added value and luxury apartments. It is one of the most beautiful rental projects in Prague, and there is enormous interest in it, even though it is certainly not among the cheapest.

Did you receive interesting offers for it?
DH Yes, offers started coming in during construction, and even today we see strong interest from buyers who would like to purchase individual units. In this case, however, we decided to keep the building. New developments in Prague 1 are extremely rare, especially those with underground parking. We are currently working on a similarly exclusive project at Dívčí Hrady in Prague. Villa Élevé will feature seven large-scale apartments with beautiful views of the city. These, however, are intended for sale, so interested buyers have an opportunity.

In the Czech Republic, it is often said that the market is not yet ready for a full range of services in rental housing, as seen for example in London. What is your view?
DH It depends on the size of the project and the people who will live there. It would certainly be possible to offer more services, but that would also be reflected in higher rents. People often want a higher level of service but are not always willing to pay for it. For now, the key factors in our market remain location, price, quality of fit-out, and basic services. In my opinion, the Czech market is not yet ready for a hotel-level standard in rental housing. This may also be because institutional rental housing is a standard part of the market in Western Europe, whereas in the Czech Republic it is still gradually developing.

Which Czech cities have the greatest potential for real estate investment?
DH Definitely Prague and Brno—that’s clear. Beyond that, we also see potential in Plzeň, Kladno, and Olomouc. In Kladno, we are also interested in future transport connectivity. Key factors include job security in the given city and demographic development.

David, what was the very first real estate project of CREDITAS Group that you worked on? How did you get involved in it?
TH The very first project was the reconstruction of the bank’s headquarters in Olomouc about ten years ago. When I think back to how I actually got involved, I remember one specific moment. My father handed me a large folder of documents—we were standing between the Red Church and what would become the future headquarters of Banka CREDITAS in Olomouc—and he said: “Construction starts here tomorrow, and you could be part of it.” That may have been the moment I truly became interested in development. There was an experienced team I could learn a lot from. It was my first real opportunity to see development up close and go through the entire process from start to finish. I enjoyed it, I was personally very engaged at the time, and I liked being there. Looking back, it was an experience that set my direction. I stayed in development, and gradually more projects followed—eventually my own, outside the group.

Looking back at the Olomouc headquarters, would you do anything differently?
TH It was a reconstruction of a building located on the edge of a historic zone. Essentially, only the structural skeleton was preserved, and we also added a partial extension at the rear, where we installed an automated car parking system. At the time, this was quite a unique feature in Olomouc—similar solutions existed only in Prague and Ostrava. It created seventeen parking spaces, which was a very attractive solution in the city center. Of course, with hindsight, some things could have been done differently.

Now you’re dealing with a much larger headquarters—the new seat of Banka CREDITAS on Rohanský Island in Prague. How is it to build such a large office building?
TH Rohanský Island is the real deal; the Olomouc headquarters was essentially a trial run. This is on a completely different scale—we’re talking about facilities for around two thousand people, with leasable space exceeding 17,000 square meters, and an investment of roughly CZK 2 billion. The situation on Rohanský Island is also evolving over time. Initially, we expected part of the space to be occupied by external tenants, but gradually we are using more and more of it for our own companies. One part of a tower is still prepared for lease. At the moment, up to three quarters of the space is allocated to CREDITAS Group, although the exact figure is still being updated. In a way, both projects demonstrate how much CREDITAS Group has grown over the past ten years.

Energy is increasingly shaping the real estate sector. Both individuals and companies are focusing more on self-sufficiency and minimizing energy costs. What synergies do you see between your real estate and energy businesses?
TH Thanks to our energy division UCED, we have know-how that allows us to develop projects that are either energy self-sufficient or significantly more efficient. Technology is playing an increasingly important role in real estate, and in the coming years it will have a major impact on the entire market. Because we manage energy within the group, we can anticipate certain trends and needs in advance. Synergies arise not only at the level of individual projects, but also within locations, negotiations, and the redevelopment of brownfields, where we create space for new distribution systems.

Are clients more demanding today than they used to be—not only in terms of energy?
TH Definitely. In the past, people mostly cared about things like bathroom tiles. Today, they are interested in the architectural concept of the entire building, common areas, technological features, and the final operating costs. They also pay more attention to available services, planned development in the surrounding area, the final phase of multi-stage projects, and construction timelines. They want to know all of this—and that’s perfectly logical. As prices rise, so do expectations of quality. The same applies to rental housing. Projects need to be thoroughly thought through to offer adequate comfort and long-term durability, and to ensure that adjustments are made according to plan rather than only when problems arise. These factors now influence even the design phase.

How do rental apartments differ from those intended for sale?
TH It’s important to understand that rental housing and apartments for sale are not the same product. We always try to choose a model that makes sense in the long term, and in some projects we combine both approaches. In the coming years, we expect to have around ten thousand apartments in our portfolio, with roughly ten percent designated for rental. To make rental units attractive, their layouts, standards, shared amenities, and in-house services must reflect tenants’ needs. This has to be considered already during the planning phase. All our apartments are fully equipped, so tenants can arrive with a suitcase and not worry about anything. Rental projects tend to work best in locations with good transport accessibility, for example near metro stations. They are often somewhat smaller in size, although that is not always the case. Everything depends on the target clientele and the project concept from the very beginning.

That doesn’t apply, for example, to your U Milosrdných project in central Prague, where rents start at CZK 45,000.
TH That’s true. U Milosrdných is a purely rental project and, for us, a trophy asset that we wanted to retain. It was a very demanding project, mainly due to heritage protection in Prague 1. In fact, it is essentially the only new building in the Old Town. I’m proud that we managed to complete it after 27 years. It required great patience, respect for the historical context, and a top-tier team. The result is an exceptional building with high added value and luxury apartments. It is one of the most beautiful rental projects in Prague, and there is enormous interest in it, even though it is certainly not among the cheapest.

Did you receive interesting offers for it?
TH Yes, offers started coming in during construction, and even today we see strong interest from buyers who would like to purchase individual units. In this case, however, we decided to keep the building. New developments in Prague 1 are extremely rare, especially those with underground parking. We are currently working on a similarly exclusive project at Dívčí Hrady in Prague. Villa Élevé will feature seven large-scale apartments with beautiful views of the city. These, however, are intended for sale, so interested buyers have an opportunity.

In the Czech Republic, it is often said that the market is not yet ready for a full range of services in rental housing, as seen for example in London. What is your view?
TH It depends on the size of the project and the people who will live there. It would certainly be possible to offer more services, but that would also be reflected in higher rents. People often want a higher level of service but are not always willing to pay for it. For now, the key factors in our market remain location, price, quality of fit-out, and basic services. In my opinion, the Czech market is not yet ready for a hotel-level standard in rental housing. This may also be because institutional rental housing is a standard part of the market in Western Europe, whereas in the Czech Republic it is still gradually developing.

Which Czech cities have the greatest potential for real estate investment?
TH Definitely Prague and Brno—that’s clear. Beyond that, we also see potential in Plzeň, Kladno, and Olomouc. In Kladno, we are also interested in future transport connectivity. Key factors include job security in the given city and demographic development.

The article was published in E15 magazine. Author: Jan Novotný. Photography: David Turecký.