The proposed largest merger in the history of Czech banking between Moneta Money Bank (formerly GE Money Bank) and the Air Bank and Home Credit divisions of the PPF group, owned by billionaire Petr Kellner, has been called off.
Home Credit announced that the deal which would have seen the creation of the third largest bank in country, after the merger, will be called off, after Moneta reduced the price it was offering to PPF.
Last week, Moneta reduced its offered price from CZK 19.75 billion to CZK 18 billion, which PPF announced was unacceptable.
