mBank with a deal to sell mFinanse

WSE-listed mBank, signed a conditional deal to sell part of its unit mFinanse to Phoebe IVS for up to PLN 520 million, the company said in a market filing. “The organized part of enterprise forms a separated business activity consisting in provision by mFinanse acting in the capacity of an insurance agent of insurance agency services regarding group insurance agreements on the basis of agency agreements,” mBank said. The bulk of the payment (PLN 465 million) will be spread over a 15 year period. The deal is expected to be finalized in Q1 2018, and will involve the lender’s Latona subsidiary, which will buy the organized part of mFinanse from mBank to later be sold to Phoebe IVS.