Alior Bank takes over Meritum Bank
Alior Bank has acquired 97.9 per cent of shares in Meritum Bank ICB. The takeover of this innovative and fast-growing financial institution will enable Alior Bank to strengthen its market position, achieve significant revenue and cost synergies and accelerate its growth. The intention of the Management Board of Alior Bank is to quickly complete the merger of both institutions.
Alior Bank has acquired 12,382,746 shares in Meritum Bank ICB, representing 97.9 per cent of the share capital and 95 per cent of the total number of votes at the general meeting of Meritum, for PLN 352.5 million. The purchase of the shares was financed with funds generated by an issue of subordinated bonds and Bank’s shares. Innova Financial Holdings S.à.r.l and WCP Coöperatief U.A., the existing shareholders of Meritum Bank, have subscribed for 2,355,498 new issue shares in Alior Bank with a value of PLN 172.7 million.
As a result of transaction closure the following persons have been appointed members of the Supervisory Board of Meritum Bank: Wojciech Sobieraj (chairman), Professor Małgorzata Iwanicz-Drozdowska, Henryk Baniowski, Krzysztof Czuba, Professor Marek Michalski, Witold Skrok and Sławomir Tomkiewicz. The Supervisory Board has appointed a new Management Board of Meritum Bank comprising two managers from Alior Bank and three from Meritum Bank. They are:
– Krzysztof Czuba, acting President of the Board responsible for the Support Division;
– Joanna Krzyżanowska, First Vice-President of the Board responsible for the Trading Division, Direct Sales Division and Financial Markets Division;
– Witold Skrok, acting Vice-President of the Board responsible for the Operations Division and Financial Division;
– Grażyna Musiatowicz-Podbiał, responsible for the IT Division;
– Hanna Wangler, responsible for the Risk Division.
“The main tasks of the new Management Board of Meritum Bank will be the development of the existing business activity and preparation for the merger with Alior Bank,” said Krzysztof Czuba, acting President of the Board of Meritum Bank.
“We began negotiating the purchase of Meritum Bank in April 2014 and in February 2015 we obtained the consent of the PFSA to the acquisition of shares. This is undoubtedly one of the most efficiently conducted M&A transaction in the Polish banking sector. We are planning to keep this dynamic pace during the forthcoming stages of the merger process,” said Wojciech Sobieraj, President of the Board of Alior Bank.
Until the consent of the Polish Financial Supervision Authority to the legal merger is secured, Meritum Bank will remain a separate company in the Alior Bank Group. Integration, i.e. gradual merger of the processes, systems and IT infrastructure of both banks and the development of a uniform range of products and services will be completed no later than in Q4 2015.
The unique know-how and advanced technologies applied in both banks as well as teams of high-class experts provide solid foundations for accelerating the rate of growth as the organisations move forward. This is of key importance for building a bank which sets the standards and trends in the market and meets the rapidly changing expectations and needs of its customers.
Alior Bank and Meritum Bank complement each other perfectly. Together they have at their disposal a modern, comprehensive selection of products and solutions for individual customers and the small- and medium-sized enterprise segment, as well as an extensive direct and channel distribution network. Both Meritum Bank and Alior Bank have particularly extensive experience in supporting the consumer finance segment. Strong points of both banks include a large base of existing customers (nearly 3 million in total) and high efficiency in customer acquisition, strengthened by strategic partnerships (e.g. with T-Mobile).