They end up rumors of interest Merits Bank by ALIOR. Today (25.09) listed company announced that it negotiates.
Alior wants to buy a bank in Gdańsk in its entirety. Today, its shares have investment funds Innova Capital and Wolfensohn Capital Partners (WCP Cooperatief by) and the European Bank for Reconstruction and Development. Majority, 83 percent. shares belong to the first of the funds.
Innova Capital has invested in the Merits in 2007. Then the bank had financial problems and was facing a loss during the restructuring process. Latest results give cause for optimism, however. Merits praised in August, a record good financial result. In the first half managed to earn nearly 28 million zł. It is up to eight times more than the year before. The balance sheet total exceeded a 3 billion zł. The merits of the end of June had 187 outlets, most operating on a franchise basis.
How this business will be worth? Alior does not give an order of magnitude. However, suggests that the 200 million zł. So much will be the issue of shares and bonds in the purchase of the bank.
– It’s probably not enough to buy Merits. In my opinion Alior will have to throw in some cash. The Bank, however, has a problem because more than 200 million zł may issue in order not to dilute the share of its main shareholder Carlo Tassary. Forbade him to drop below 20 percent. shares of the Financial Supervision Commission – says Biztok.pl Kamil Stolarski, an analyst at Espirito Santo.
He added that the transaction but probably will. Shareholders Merits want to get rid of it because FSA looks unfavorably on banks designed for owners of venture capital funds. The best example of this conflict monitoring and Abris Capital. FSA tried to preempt and take over the FM Bank. And although in the case of Innova conflict does not exist, this market environment is not very friendly.
– In my opinion the bank expressed interest in not only Alior – says Carpenter.
In his opinion, it was a bank managed by Wojciech Sobieraj is the most determined to buy. The merits of today is a leader in small loans granted by financial intermediaries. In addition, a number of years working with Tesco, offering its customers include credit cards. Such competence Alior no. In addition Merits strongly also works on the market of micro-enterprises.
Alior, which was established in 2008, has not carried out any acquisitions. Quite the contrary. This Carlo Tassara looking for a buyer for its shares. So far, the only shopping ALIOR was the acquisition in August of customers failing credit unions with them. St.. John of Kety, who was only a few branches, 18 thousand. customers and assets of 58 million zł, and last year, Money Makers brokerage house with a portfolio with a value of 80 million zł. For comparison ALIOR assets is over 20 billion zł.
Innova Capital is one of the owners of the Virtual Polish.
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