Deposit insurance after the acquisition of Wüstenrot by the MONETA group
Prague, 7 July 2020 - After the April acquisition of Wüstenrot - stavební spořitelna a.s. and Wüstenrot hypoteční banka a.s. by the MONETA group, Wüstenrot stavební spořitelna started operating under the name MONETA Stavební Spořitelna, a.s. as of 4 July 2020. This should be followed by the merger of Wüstenrot hypoteční banka with the mortgage division of MONETA Money Bank, which, according to MONETA Money Bank, should take place by the end of 2020.
What will these changes bring for the clients in terms of their deposit insurance?
For the clients of Wüstenrot - stavební spořitelna (now MONETA Stavební Spořitelna), nothing has changed. There is a separate deposit insurance limit of the equivalent of EUR 100,000 per person at this building society.
However, the situation will be different in the case of the merger of Wüstenrot hypoteční banka and MONETA Money Bank, where after the merger, only one deposit insurance limit of EUR 100,000 per person will apply.
In accordance with the law (§41s of Act No. 21/1992 Coll., On banks, as amended), the bank should inform its clients about this transaction at least one month before the final merger takes place. The client then has 3 months to transfer his funds, which would exceed the legal insurance limit, to another bank without any sanctions.
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