Bank Frick back under the ownership of founding family
Bank Frick is under full family ownership once again. The Kuno Frick Family Foundation has completed a deal to buy back the 35 percent stake held by NET 1 UEPS Technologies in the Liechtenstein bank.
The founding family of Bank Frick now holds all shares in the financial institution once again, as detailed in a press release issued by the Liechtenstein bank. The Kuno Frick Family Foundation (KFS) has bought back all shares previously held by the US firm NET 1 UEPS Technologies (Net1).
As Dr. Mario Frick, Chairman of the Board of Directors of Bank Frick, writes on the Bank Frick Blog, back in 2015 it was “common knowledge” that the family was keen to bring on board an international partner with the aim of continuing stable growth. In the end, the bank managed to find a partner “surprisingly quickly”. The FinTech firm Net1 initially acquired a shareholding of 35 percent in the bank, before taking up an option to increase its stake by a further 35 percent. Shortly before the deal was due to be completed in April 2020, Net1 withdrew its offer to acquire a majority shareholding in Bank Frick, explaining that European activities would no longer be a focus of its long-term strategy.
Following Net1’s decision to withdraw from Bank Frink, the Frick family revised their ownership strategy, the press release explains further. “We have learned that our clients and our employees see an added value in a family-run bank”, explains Mario Frick. Nevertheless, the family may decide to bring on board a strategic minority partner at some point in the future.