Alior Bank acquires Meritum Bank ICB

Alior Bank announced the signature of a preliminary agreement with Innova Financial Holdings S.à r.l, WCP COÖPERATIEF U.A. and the European Bank for Reconstruction and Development on the acquisition of 97.9% of the shares in Meritum Bank ICB for PLN 352.5 M, as well as the signature of an agreement between the Bank and Innova Financial Holdings S.à r.l and WCP Coöperatief U.A. on the subscription for the shares from the Bank’s new issue.
The transaction involves the acquisition by the Bank of 12,382,746 shares in Meritum Bank ICB, representing 97.9% of Meritum’s share capital and 95% of the total number of votes at the Meritum’s general meeting of shareholders in exchange for a total price of PLN 352.5 M and the acquisition by Innova Financial Holdings S.à r.l and WCP Coöperatief U.A. of 2,355,498 shares from the Bank’s new issue for PLN 172.7 M.
The transaction execution depends on the conditions precedent being satisfied, including the receipt of consent from the antitrust authority and the receipt of a decision from the Polish Financial Supervision Authority on the lack of grounds for objecting to the planned acquisition of the shares in Meritum by the Bank, as well as satisfying the conditions of the agreement on the subscription for the shares.
The transaction will be financed with an issue of new shares in the Bank, as a result of the conditional increase in the Bank’s share capital by an amount of no more than PLN 23,554,980 by way of an emission of no more than 2,355,498 ordinary series H bearer shares of a nominal value of PLN 10 and the remainder with the issue of the Bank’s subordinated bonds.
We were actively looking for additional opportunities for growth other than organic growth. I am convinced that the combination of Meritum Bank’s experience, in particular in the segment of cash loans, as well as banking for micro- and small businesses, with Alior Bank’s activities to date, will enable the achievement of effective business synergies and the creation of a bank with promising prospects for development, said Wojciech Sobieraj, CEO of Alior Bank.
We are very happy that Meritum Bank will be merged with Alior Bank. Both banks are enterprising and customer-oriented. I am confident that Meritum’s offering in “consumer finance” will be a perfect supplement for building a further competitive advantage for Alior Bank. As a future shareholder in Alior Bank, we believe that, following this transaction, the bank will be even more attractive for both customers and investors, adds Krzysztof Kulig, Managing Partner at Innova Capital.

The result of the transaction will be an increase in the number of customers supported, as well as in the Bank’s distribution network. By taking advantage of the cost and revenue synergies, this will allow for a further increase in the efficiency of operations and will give customers access to the latest products and services from the Bank’s range.