Moneta acquires Wüstenrot's construction and mortgage banks
The parent company of Moneta Money Bank has completed the acquisition of Wüstenrot's construction savings bank and its mortgage bank for a reported €175m. Regulators have approved the deal for Wüstenrot stavební spořitelny a.s. and Wüstenrot hypoteční banky, which the Moneta Group requested in January. Wüstenrot's chairman Michael Pupala retained his seat in the board of directors, but two new members from Moneta Money Bank have joined it, Petr Toman and Petra Folwarczna. "The acquisition will strengthen us and has strategic importance," said Moneta Money Bank's chairman Tomáš Spurný. "Through today's step, we doubled our share of the mortgage market and entered the construction savings market. At the same time, we gain more than 400,000 new clients."