Goldman Sachs raises its shares in Moneta to 10.45 pct

Prague, Jan 29 (CTK) - US investment bank Goldman Sachs has increased its share in Czech banking institution Moneta Money Bank to 10.45 percent from 3.22 percent, according to information from the Czech National Bank's (CNB) website, which was confirmed to CTK by Moneta spokeswoman Zuzana Filipova.

Goldman Sachs has thus become Moneta's largest shareholder.

Moneta has recently received an invitation from Czech billionaire Petr Kellner's PPF group to hold second negotiations concerning the acquisition of Air Bank and other companies from the group providing financial services in Czechia and Slovakia.

PPF also made a voluntary tender offer to purchase part of the shares issued by Moneta in the amount of up to 20 percent from its existing shareholders.

"Moneta shareholders can be pleased that Goldman Sachs increased its share in Moneta notably. PPF will thus face a strong shareholder that will defend its interests vigorously with the aim to push the price of Moneta shares up," Sterteepo analyst Dusan Jilcik told CTK.

A full takeover of Moneta is not on the agenda but Goldman Sachs feels there is a chance to achieve very solid appreciation, Jilcik noted.

At the end of 2020, Moneta's largest shareholder was Canadian investment company CI Investment with a share of 3.5 percent, while Goldman Sachs was getting rid of Moneta shares.

Other significant shareholders of Moneta are state investment funds of Singapore and Kuwait.

The Norwegian government and Norway's state investment fund held 2.72 and 2.19 percent of Moneta shares, respectively, at the end of 2020.

PPF said it currently holds 0.63 percent in Moneta.

PPF's voluntary tender offer is addressed to all existing shareholders of Moneta. PPF is offering Kc80 per share.

Moneta shares traded around Kc73 at the Prague Stock Exchange (BCPP) today.

Moneta previously operated under the name of GE Money Bank. It was renamed in 2016 in relation to its listing on the Prague bourse. It is one of the biggest listings traded there.

Moneta Money Bank's net profit fell annually by 37.6 percent to about Kc1.9bn in Q1-Q3 2020, mainly owing to the impacts of the coronavirus pandemic.

tam/er