Net1 takes control of Bank Frick


Net1 takes control of Bank Frick

Published Date: 2019-10-09 | Source: Stephen Gunnion | Author: Stephen Gunnion

Net1 takes control of Bank Frick

The payment solutions company has exercised its option to take a majority stake in the Liechtenstein-based bank.

Net1 has taken up its option to acquire an additional 35% stake in Bank Frick & Co, the Liechtenstein bank that bills itself as Europe's leading crypto and blockchain-friendly institution. It acquired the option when it first invested in Bank Frick in early 2017.

The payments systems and solutions group is paying about $46.4 million (R708 million) for the increased stake, which will take its holding to 70%. The Kuno Frick Family Foundation will retain the remaining 30% interest.

The company said combining Bank Frick's assets with its technologies would help it grow its fintech, payments and blockchain services, adding to Bank Frick's existing products and systems. The bank has a pan-European banking license and holds an issuing license from Visa and acquiring licenses from both Visa and MasterCard.

The deal is subject to approval from the Liechtenstein Financial Market Authority and is expected to close in next March.

Net1's shares didn't trade on the JSE yesterday, closing unchanged at R51.

Similar Stories