Czech Republic-based Moneta Money Bank a.s. agreed to acquire 100% of Wüstenrot & Württembergische AG units Wüstenrot – stavební spořitelna a.s. and Wüstenrot hypoteční banka a.s. for a total cash consideration of €180.4 million.

The deal, subject to approvals from the Czech central bank and competition authorities, is expected to close around April 1, 2020. Moneta Money Bank will fund the acquisition using its existing excess capital and liquidity resources.

Moneta Money Bank said the transaction will add an estimated 350,000 clients and increase retail deposits by roughly 50 billion koruny, adding that the deal will materially improve its market presence in retail banking and boost its market share in mortgages and retail deposits.

CEO Tomas Spurny said the bank will stand by its previous guidance that it will pay at least 6.65 koruny per share in dividends from its profits in 2019 and 2020 as it completes the acquisition, Reuters reported. In November, Moneta Money Bank's shareholders approved the payment of a semiannual dividend of 3.30 koruny gross per share, which is scheduled for Dec. 17.

As of Dec. 12, US$1 was equivalent to 22.95 Czech koruny.