Moneta agrees revised 26 billion crown deal to buy PPF’s Air Bank group

Czech lender Moneta Money Bank has agreed a re-worked 26 billion crown deal to buy the Air Bank group from PPF, its largest shareholder. Moneta shareholders had rejected a bid earlier this year.

PPF, the investment group founded by the late billionaire Petr Kellner, is trying to combine its Czech and Slovak lending assets with Moneta to create a bank aimed at retail and small-business customers.

The revamped deal, subject to shareholder approval at a December 20 meeting, is no longer conditional on gaining a majority share, PPF said.

Author: Brian Kenety