J&T Arch Investments will buy 9.99 percent of Moneta Money Bank shares from Petrus Advisers. In the coming days, the fund plans to apply to the Czech National Bank for approval of the acquisition of a qualifying holding. it was announced.
The fund will buy a minority stake in two steps. The first part of 8.89 percent will be acquired immediately, the remaining 1.1 percent will be acquired by the end of the year. The fund buys shares at a premium compared to the current market price.
“The size of the acquired share corresponds to the investments we are looking for for our fund. Moneta is an efficiently managed bank, with a significant market share in selected segments and long-term sustainable dividend yield. steps of other large shareholders,” said J&T Investment Director Adam Tomis.
According to its website, Moneta Money Bank is the fourth largest bank in the country with approximately 1.5 million clients. The bank’s shares are traded on the Prague Stock Exchange. The current price is around 83 crowns per share. Last year, Moneta increased its net profit by 53 percent year-on-year to CZK 3.98 billion. Operating revenues fell by about eight percent to 11.17 billion crowns. The bank employs over 3,000 people and has 154 branches in the Czech Republic and operates more than 550 ATMs.
The investment group PPF, which planned to connect with its Air Bank, applied for a merger with Moneta. In May, the companies informed that the transaction was canceled due to the negative development of the economy, which is changing the parameters of the originally intended merger, or a change in the Czech National Bank’s requirements for the capital adequacy of banks.
J&T Arch Investments, a fund of qualified investors, is the main investment platform of the J&T Group. The fund invests in companies, projects and partnerships. The fund manages not only the assets of the founders of the J&T Group, but also private and institutional investors. J&T Arch is traded on the Prague Stock Exchange.
Source: J&T Investment and CTK
