The public offer to buy part of the shares of Moneta Money Bank, made by Tanemo from the PPF financial group, ends today. As part of a voluntary repurchase offer, it offers CZK 80 per Moneta share.
The maximum accepted volume was limited to 20 percent of the total number of Moneta shares with the possibility of increasing to 29 percent, which Tanemo announced today. The company from the PPF Group therefore buys up to 29% of Moneta’s shares and the offer ends today. Up to ten percent of the offer is not subject to approval by the Czech National Bank, above which the offer is subject to the approval of the regulator.
At the beginning of February, the Board of Directors of Moneta unanimously concluded that PPF’s voluntary public proposal to purchase part of Moneta’s shares from its shareholders up to 20 percent is in line with the interests of the bank and its shareholders. The realization of a possible connection with Air Bank, the Czech and Slovak Home Credit and the company Benxy (Zonky brand) depends on an in-depth inspection and approval by the shareholders.
Moneta received a proposal from the PPF group of billionaire Petr Kellner on January 22, 2021. The merger of Moneta and Air Bank may create the third largest bank on the Czech market after Česká spořitelna and ČSOB, according to the number of clients. The shareholders will decide on the offer at the General Meeting.
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.
Moneta Money Bank has been operating under its current name since 2016. At that time, the bank’s name was changed from the former 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.