Moneta Money Bank released a press statement on Friday acknowledging the intentions of purchasing Wüstenrot’s banking assets in the Czech Republic, including the stavební spořitelna department (The Czech building support program for residents).

The Wüstenrot stavební spořitelna is the smallest of the five banks involved in the business. With the purchase of the bank, Moneta will double the market-share of their mortgage business from 3% to 6%. Deposits will increase by 45% and will include roughly 400,000 clients. Wüstenrot made a profit of roughly 420 million Crowns in 2018.

Moneta Money Bank was created in 2016 when GE spun off its GE Money Bank in an IPO on the Prague Stock Exchange. The listing is one of the largest companies trading on the exchange. By the number of clients it is the fourth largest bank in the Czech Republic.