mBank to earn €63 mln on Visa merger
23:01
Polish commercial lender mBank will receive €46.5 million (PLN 206.6 million) in cash and €16.5 million (PLN 73.2 million) in Visa Inc. shares in exchange for its stake in Visa Europe, the bank informed in a market filing.
The transaction will be concluded in Q2. Additionally, mBank will receive its 0.358 percent of the €1.12 billion deferred payment pool to be paid in Q2 2019.
In November last year, Visa Inc. and Visa Europe announced the final deal on the merging of the two organizations into one global company. The provisions of the transaction requires approval by the market regulatory authorities, and its completion is expected in the second quarter of this year.
mBanks is a unit of German Commerzbank, one of the leading commercial banks in Poland. The Bank has been listed on the Warsaw Stock Exchange since 1992. At the end of 2015, total assets of the bank equaled PLN 123.52 billion.
