April 7, 2017 / 9:27 AM / 8 months ago

Moneta shares at 7-week high after request for capital cut

PRAGUE, April 7 (Reuters) - Shares in Moneta Money Bank reached a 7-week high on Friday after a shareholder requested a capital cut which could open way to bigger payouts to shareholders.

Templeton Emerging Markets Group, representing 2.1 percent stake in Moneta, has asked for Tier 1 capital of the bank to be reduced to 15.5 percent from the 20.5 percent reported in 2016.

Templeton said in a statement it called for “distribution of unutilized capital in the form of share buyback and/or cash distribution.”

Moneta has its own Tier 1 target at the same 15.5-percent level, and it has proposed a dividend of 5 billion crowns ($199.69 million), or 123 percent of 2016 profit, to address the issue of excessive capital.

Its shares were up 0.3 percent at 88 crowns at 0920 GMT, their highest level since February 13. ($1 = 25.0390 Czech crowns) (Reporting by Robert Muller; Editing by Jan Lopatka)

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