The Ordinary General Meeting of Moneta Money Bank will today decide on the planned merger with the Air Bank Group and increase the bank’s capital. In November, Moneta and the PPF Group announced that they had agreed on a new model for financing the merger of the bank and the banking part of PPF, which includes Air Bank, Czech and Slovak Home Credit and Benxy (Zonky).
The merger agreement was approved by Moneta’s shareholders in June this year, but at the same time they rejected the proposed financing model. In January 2021, PPF made a voluntary public offer, through which it acquired a 29.94 percent stake in Monet. Subsequently, a general meeting was held in June this year, which was attended by 73.21 percent of shareholders. At the General Meeting, 61.9 percent of shareholders voted for the acquisition of Moneta, and 61.7 percent voted for the capital increase. However, 75 percent of the vote had to be obtained for approval.
Shareholders can now subscribe for shares at a price of CZK 82 (one new for every two they own) and sell them to PPF for CZK 90. This amount will also be the minimum under the mandatory takeover bid. An increase in equity requires the support of at least two thirds of the shareholders present.
Monety’s largest shareholder is the PPF Group with 29.94 percent of shares. The change in shareholder structure after the transaction will depend on how many shareholders accept the proposal to acquire additional shares.
The merger may result in the third largest bank on the Czech market after Česká spořitelna and ČSOB, depending on the number of clients. Moneta Money Bank has been operating under its current name since 2016. At that time, the bank’s name was changed from the former GE Money Bank in connection with its listing on the stock exchange in May of the same year. Moneta is one of the largest companies traded on the Prague Stock Exchange.
Source: CTK
