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Czech Republic's Air Bank to open mobile lender in Germany

Czech Republic-based Air Bank a.s. applied for a banking license with the German financial market supervisory authority Bafin to set up a new mobile lender in the country, the group said in a statement Oct. 15.

The new online and smartphone bank will operate under the brand Velvon and is expected to launch in the second quarter of 2020, a spokesman told German daily Handelsblatt on Oct. 16.

Air Bank sees an opportunity in the German market where, currently, one in three clients are not happy with their bank, the Czech lender said in its statement, adding that Velvon aims to be a more attractive provider by offering services that are easy to use, easy to access and less time-consuming.