PPF in no hurry to sell MONETA stake -report

Moneta Money Bank, A.s

23/06/2023 08:22

PRAGUE, June 23 (Reuters) - PPF is in no hurry to sell
its nearly 30% stake in Czech lender MONETA Money Bank
 MONET.PR , the investment group's chief executive was quoted as
saying on Friday.
    Jiri Smejc said, though, could still sell if a good offer
came, newspaper Hospodarske Noviny reported.
    PPF, the group founded by late Czech billionaire Petr
Kellner, scrapped plans a year ago to combine its Czech and
Slovak banking assets with MONETA.
    The $1.1 billion deal would have created a major competitor
to foreign-owned banks in the Czech market.
    PPF is MONETA's biggest shareholder while two other domestic
investment groups each hold around 10%. One of the latter,
investor Pavel Tykac, has said he could approach PPF about some
of its shares as he looks to boost his stake.
    The newspaper quoted Smejc as telling reporters that he saw
no scope for renewing merger talks. He also said that MONETA
shares had good dividend yields.
    "So we are in no hurry to sell them," Smejc said. "We have
enough money to invest. At the same time, it is an asset... that
if an interesting offer comes, we are able to sell."
    He added anyone wanting to do a deal for MONETA, the
country's sixth biggest bank, would have to talk to PPF. 
    

 (Reporting by Jason Hovet; editing by Philippa Fletcher)
 ((jason.hovet@thomsonreuters.com;))