At the Extraordinary General Meeting, Moneta’s shareholders did not approve the proposed financing of the merger with the banking part of PPF, which includes Air Bank, Czech and Slovak Home Credit and Benxy, which was needed to complete the transaction. Earlier, they agreed on the intention of the merger, said Moneta spokeswoman Zuzana Filipová
61.9 percent of the present shareholders were in favor of the merger, for example 50 percent. In the second vote, in which 75 percent of the vote was needed to increase capital, 61.69 percent voted in favor.
“Most shareholders agreed with the vision to create a strong Czech champion for sole proprietors and small clients. Unfortunately, the majority of voters for this transaction did not reach the high threshold of 75 percent, so the financing of the Air Bank group was not approved. However, we believe that in the near future we will find a way to to obtain the necessary support and complete the transaction, “said Tomáš Spurný, Chairman of the Board of Moneta.
“The consent of Moneta’s shareholders to take over assets around Air Bank confirmed the agreed valuation of these assets and confirmed that the concept of merging Moneta with Air Bank and Czech and Slovak Home Credit has the support of most existing Moneta shareholders,” said PPF spokesman Leoš Rousek. PPF acknowledges the non-consent to the decision to increase the share capital of Moneta.
Through the acquisition, Moneta was to acquire from the PPF Group one hundred percent of the shares of the Air Bank Group for a purchase price of CZK 25.9 billion. This would be paid from CZK 2.59 billion from the bank’s surplus capital and from CZK 23.31 billion obtained by paying the issue price by the PPF Group for the subscription of 291,375,000 newly issued Moneta shares.
New shares were to be issued for CZK 80 per share and to increase the bank’s total capital. PPF was then to own 55.38 percent of the bank’s shares.
According to the number of clients, the merger could create the third largest bank on the Czech market after Česká spořitelna and ČSOB. 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.
PPF Group invests in many industries, from financial services, telecommunications, real estate, engineering to biotechnology. At the end of the first half of the year, PPF owned assets worth 44 billion euros (approximately 1.15 trillion crowns) and employed 98,000 people worldwide.
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