Billionaire Andrej Babis's ANO party won the Czech Republic's general parliamentary election on Saturday, and is set to return as prime minister to the central European country, raising the prospect of yet another splinter government within the EU bloc that would boost Europe's populist, anti-immigration camp and reduce support for Ukraine. It was also another booming stamp of disapproval for the EU's policies. 

An ebullient Babis, also known as the Czech Trump - for being a septuagenarian billionaire campaigning on a populist message and passing out red caps to ardent supporters - told supporters that ANO would seek a one-party cabinet but would talk with two small parties - including the far-right SPD - for support as his party will lack an outright majority. He again rejected accusations that his win would make the central European nation a less reliable European Union and NATO partner.

"We want to save Europe ... and we are clearly pro-European and pro-NATO," Babis told reporters.

With 99% of voting districts counted, ANO was leading on 34.7% and Spolu in second on 23.2%, the Statistical Office said.

With nearly all results in, ANO was set to replace the current centre-right cabinet led by Prime Minister Petr Fiala. Fiala congratulated Babis and conceded defeat according to Reuters.

As even Bloomberg admits, a Babis victory marks a broader trend in Europe of the political pendulum swinging the other way — threatening even the longest-serving of incumbents.

ANO has promised faster growth, higher wages and pensions, and lower taxes and tax discounts for students and young families during the campaign. Those pledges - that will cost billions of euros, end austerity and test the country's frugal mindset - resonated with many Czechs who have seen their real incomes plunge in recent years as the country tackled soaring inflation.

Babis, however, must overcome some hurdles to become prime minister, including conflict-of-interest laws as owner of a chemicals and food empire and long-running fraud charges related to drawing an EU subsidy over 15 years ago - charges he denies.