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MBank divests part of mFinance unit

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MBank divests part of mFinance unit

Commerzbank AG unit mBank SA finalized the sale of the organized part of its unit mFinance to Denmark-based Phoebe IVS, the lender said March 27.

The transaction was carried out in two stages, including the sale and transfer of mBank's unit Latona SA to Phoebe IVS, after which mFinance sold and transferred an organized part of its business to Latona.

The maximum value of the transaction, announced in November 2017, amounts to around 491 million Polish zlotys. The lender will recognize a one-off net profit of 177 million zlotys from the sale in the first quarter and could book additional net profit of up to 192 million zlotys during six years after closing the transaction, depending on the performance of the divested business.

As of March 27, US$1 was equivalent to 3.40 Polish zlotys.