Czech bank Moneta is to acquire the Czech and Slovak business of consumer finance house Home Credit and its online challenger bank Air Bank for EUR767 million, creating a new business serving two million customers.
The new business will maintain the Air Bank brand and serve a customer base combining the one million Moneta customers with 637,000 Air Bank customers and 469,000 belonging to Home Credit.
Its 237 branches would give it the third-most extensive branch network in the Czech Republic, supplemented by 1,005 ATMs. Partnerships with national retailers will enlarge distribution by additional 2,961 retail outlets.
Tomáš Spurný, CEO and chairman of of Moneta says the deal will unite the successful Air Bank brand and its disruptive corporate culture with Moneta’s extensive branch network, creating a top-flight competitor to incumbent banks.
“The combination of these three highly complementary businesses will lead to creation of a leading Czech retail bank and the second largest consumer lender in the Czech Republic," he says.
The transaction, which is slated to close in July next year, is expected to deliver savings of around 10%, and leave Home Credit Group with a 24.48% stake in the operation.