The owners of Liechtenstein bank Bank Frick & Co. AG have sold a 30% share of the company’s capital to the Nasdaq-listed fintech Net1
Net1 provides transaction processing solutions, mobile payment solutions and online transaction services. The entry of Net1 into the bank’s capital strengthens the current partnership between Bank Frick and Net1 and expands the bank’s business activities.
After the completion of the transaction, subject to the approval of the Liechtenstein financial market authority, the Kuno Frick Family Foundation (KFS) will remain the majority shareholder of Bank Frick & Co and 30% of the voting rights will be transferred to the Net1 group.
No information has been disclosed regarding the acquisition price. Net1 will have a two-year option to acquire a further 35% in Bank Frick.
“The contracting partners have also agreed that, irrespective of the majority position, the “Liechtenstein side” (KFS) will provide the Chairman of the Board of Directors until 2023,” specified the firm which said the number of employees will continue to increase.
Net1 and Bank Frick already work closely together. Bank Frick is a strategic partner of Net1 and its subsidiary Masterpayment, a provider of e-commerce payment solutions active throughout Europe. Net1 and Masterpayment have signed an extensive payments-related cooperation agreement with Bank Frick for 2017.
“Net1 possesses enormous digital know-how. With the expansion of Net1’s involvement, we will be able to strengthen our current business areas, drive forward our fintech strategy, develop new digital business models and enter new markets,” said Mario Frick, chairman of the board of directors, “and thanks to the scale effects this will bring, we can face the increasingly complex regulatory environment more effectively.”
Founded in 1998, Bank Frick is a family-run Liechtenstein bank with headquarters in Balzers and a branch in London.