Net1 acquires majority of Bank Frick
The South African payment service provider Net1 is to double its stake in Bank Frick to 70 percent. The Frick family will retain a stake of 30 percent in the bank founded 20 years ago.
Net1 UEPS Technologies uses Bank Frick for its European-based business operations. “Bank Frick provides the cornerstone of our European strategy to deliver all-encompassing financial technology and banking services to SMEs in the region”, commented Herman Kotzé, CEO of the South African payment service provider, in a press release issued by Bank Frick. Among other aspects, Kotzé praised the bank’s high level of core capital of 90 million Swiss francs, its pan-European universal banking license and “recognized leadership in banking services, especially to the virtual financial assets/crypto industry”. Net1 and Bank Frick could therefore together speed up the development of additional offerings in the fintech sector.
Net1 first invested in Bank Frick two years ago. It is now looking to double its stakeof 35 percent for a price of 46.4 million US dollars. The transaction is still subject to approval from the Liechtenstein Financial Market Authority. The Frick family will retain the remaining 30 percent of the shares in the bank via the Kuno Frick Family Foundation.
Mario Frick believes that Net1’s acquisition of the majority of the shares in Bank Frick will have benefits for both sides. The Chairman of the Board of Directors was quoted in the press release: “With the combination of Bank Frick and Net1, we will be able to strengthen our current business areas, drive forward our fintech strategy, develop new digital business models and roll them out across Europe.”