November 29, 2019 / 4:35 PM / 2 months ago

MONETA says in exclusive talks to buy Wuestenrot Czech business

PRAGUE, Nov 29 (Reuters) - Czech MONETA Money Bank said on Friday it was in exclusive talks to buy the Czech building savings and mortgage business from Germany’s Wuestenrot & Wuerttembergische AG and aimed to sign the deal by the year’s end.

It said the acquisitions, to be financed from its own capital, concerned savings firm Wuestenrot - stavebni sporitelna and mortgage bank Wuestenrot - hypotecni banka.

It said the deal would give it 400,000 new customers, raise retail deposits by 45% or 53 billion crowns ($2.29 billion), and double its mortgage market share to 6%. It would also bring 13 billion crown portfolio of retail building savings loans.

MONETA said its 2019 dividend would not be affected and the deal may lead to an extraordinary gain in the year of the acquisition, which it said it expected to close on April 1 next year if regulatory approvals are received. ($1 = 23.1270 Czech crowns) (Reporting by Jan Lopatka)

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