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Moneta's general assembly did not approve the merger with the banking division of PPF

Moneta’s general assembly did not approve the merger with the banking division of PPF

Ostrava headquarters of Moneta Money Bank

Photo: Moneta Money Bank

It was supposed to be one of the largest deals in the history of Czech banks. When, in May of this year, after several years of courtship, Moneta Money Bank signed an agreement with the PPF Group on the acquisition of Air Bank, Czech, Slovakia and Slovakia Home Credit and Benxy, only the extraordinary general meeting was expected to approve the deal. . It happened today, but not as Moneta had imagined.

Although after the vote Moneta shareholders approved the acquisition of shares in PPF’s banking division, which includes Air Bank, Home Credit and Benxy (behind Zonka), no new shares were issued to pay PPF for the acquisition of Air Bank. For them, it was “only” 61.69 percent – 75 percent was required to raise capital.

So the creation of the third largest bank in the Czech Republic according to the number of customers was postponed. The whole situation in detail See Economic newspaper, which also mediated the outcome of the extraordinary general meeting, including what it means for the decision not to approve the method of financing the PPF, built by the late Peter Kellner.

“The deal has been approved, it has not been approved for funding. So we need to think about how we design it so that funding is approved.” little to Economic newspaper Tomasz Spurny, President of Moneta, responding to the fact that without the issuance of new shares it is not possible to make a transaction worth 26 billion CZK – the bank does not have that much cash.

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For the PPF group, this means that Tanemo, under its wings, will remain the largest shareholder in Moneta, with a stake in which it can exercise significant influence over the decisions of the general meeting. In addition, it will continue to develop strategic investments not only in real estate loans, but also in Air Bank, which “realizes their vision of a growing digital bank.”

But how the situation will develop is still not clear. Message List TellsThat Spurney confirmed further negotiations on a possible merger, while the PPF expressed the same view.