NatWest Enters Partnership with Vodeno for UK Banking Services Venture
20 Octubre 2022 - 3:53AM
Noticias Dow Jones
By Joe Hoppe
NatWest Group PLC said Thursday that it has entered into a
strategic partnership with the Vodeno Group to create a
banking-as-a-service group in the U.K.
The U.K. bank said the partnership with the European
banking-as-a-service company will enable businesses to embed
financial services like payments, deposits, point-of-sale credit
and merchant cash advances directly into their ecosystems.
The new U.K. entity will be 82% owned and consolidated by
National Westminster Bank PLC, with Vodeno TechCo holding the
remaining minority interest.
NatWest Group will also take a minority interest in Vodeno Ltd.,
which fully owns Vodeno TechCo and Aion. It will begin with a 9.9%
holding, increasing to 18% subject to certain conditions and
approvals.
NatWest said it will make a capped commitment of around 115
million pounds ($129 million) to establish the entity and a 58
million-euro ($56.7 million) investment in Vodeno to acquire an 18%
minority stake, in each case subject to certain conditions and
approvals.
"This strategic partnership presents a strong potential source
of fee income in a growing market, and an opportunity to deliver
sustainable growth by building deeper relationships with our
corporate customers," Chief Executive Alison Rose said.
Shares at 0815 GMT were up 0.8 pence, or 0.4% at 232.1
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
October 20, 2022 04:38 ET (08:38 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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