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Report: Moneta Money Bank plans organic growth, mortgage expansion

MONETA Money Bank a.s. has prepared a bond program of up to 50 billion Czech koruny in order to finance its expansion in the Czech mortgage market, Hospodarske Noviny reported May 25, citing CEO Tomáš Spurný.

The program will allow the Czech lender to issue short-, medium- and long-term bonds.

Moneta could issue bonds in the second half of 2017 to finance further mortgage lending.

Spurný also said that funding to be raised via the bond program, as well as the lender's surplus capital, which amounts to around 5.5 billion koruny, will not be used for acquisitions, and denied earlier rumors about Moneta's interest in UniCredit Bank Czech Republic and Slovakia a.s.

"We are not considering any acquisitions at this moment," he said.

Moneta will pay 5 billion koruny in dividends to its shareholders from its 2016 results, partially financed from excess capital. Spurný confirmed the bank also plans to continue with high dividend payments over the next few years.

During the bank's recent IPO, it promised to earmark at least 70% of the annual consolidated net profit for dividends until 2019, and to pay out "free" surplus capital to shareholders over the next three years, namely in dividends for 2016, 2017 and 2018, Spurný said.

As of May 26, US$1 was equivalent to 23.64 Czech koruny.