• Home Credit Group ends its discussions with Moneta Money Bank

    26 Feb 2019

    Home Credit Group B.V. (“Home Credit Group”) has decided to discontinue discussions and preparations for combining Air Bank, a.s. (“Air Bank”) and Home Credit’s Czech and Slovak businesses with MONETA Money Bank, a.s. (“Moneta”). This comes after the expiration of the exclusivity period agreed between both parties in October 2018, during which good-faith negotiations of binding transaction documents were to proceed. No binding transaction documents have been executed.

     

    In 2018, the profitability and growth achieved by Home Credit Group’s Czech and Slovak assets not only met but exceeded the data presented to Moneta at the time the agreement was negotiated. In a competitive market, Air Bank achieved a robust profit, successfully increased its customer base and attained market-leading customer satisfaction levels. These achievements are indicators of a very healthy franchise. As a result, Home Credit Group came to the conclusion that the request made by Moneta for a reduction in the valuation of the assets Home Credit Group would contribute to the transaction is not justified.

     

    (Note: Moneta’s publicly-accessible update to shareholders on their new conditions for the transaction are available at https://investors.moneta.cz/documents/1596084/3299527/MMB_Potential_transaction_update_21022019_ENG.pdf/a9603cbb-af7c-e871-35bd-e57314e4a351)

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