MONETA Money Bank is set to acquire Czech-based Air Bank and a number of Home Credit’s businesses.
The deal, which is valued at €767m, will see MONETA purchase Air Bank and the Czech and Slovak businesses of Home Credit.
Through this acquisition, MONETA will double its customer base to two million, add an additional 35 Air Bank branches and 354 ATMs to its network, bolster its lending capabilities and presence in the retail banking market, and offer more financial services.
As part of the deal, Air Bank CEO Michal Strcula will join the management board of MONETA.
MONETA CEO Tomáš Spurný said, “The combination of these highly complementary businesses will lead to the creation of a leading Czech retail bank and the second largest consumer lender in the Czech Republic.
“It will see the acceleration of MONETA’s strategy, strengthening our competitive position for the future. This will see us better able to serve our customer base and increase our growth rate and returns for our shareholders. I am excited by the opportunities this transaction brings.”
MONETA is a digital bank based in the Czech Republic which offers consumers online services as well as brick-and-mortar branches. Customers can access accounts, cards, loans, mortgages and investments.
Earlier in the week, digital banking solution developer Meniga formed a partnership with Canadian direct bank Tangerine. The deal will see the FinTech’s products integrated with the bank in order to support customers with their personal finance.
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