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Komerční banka offloads 19% stake in former unit

Komercní banka, a.s. completed the sale of a 19% stake in ancillary banking services company Cataps SRO to Belgium-based Worldline S.A./N.V..

Financial details of the transaction were not disclosed. Following the sale, Komercní banka owns 1% of the company's shares, the lender said in its Feb. 27 filing.

Cataps was founded in 2014 as a 100% unit of Komercní banka and subsequently took over the lender's merchant acquiring activities. In 2016, Komercní banka sold an 80% stake in Cataps to Worldline as part of KB SmartPay partnership formed by the two companies to provide merchant acquiring and payment processing services.

Following the sale of the 19% stake in Cataps, Komercní banka will continue its close cooperation with Worldline within their existing partnership, the Czech lender noted.

Komercní banka is a unit of Société Générale SA.