The Turkish fintech firm Papara has signed an settlement to buy T-Bank (Turkland Bank), from its 50-50 shareholders Lebanese Bankmed SAL and Jordanian Arab Bank PLC, it stated Tuesday.
According to the assertion made by the corporate, Papara, a tech firm that has reached some 17 million customers, is making ready to introduce innovation to fundamental banking merchandise.
Papara CEO Emre Kenci acknowledged that following approvals from the Banking Regulation and Supervision Agency (BDDK) and the Competition Board (RK), the switch course of could be accomplished.
“In 2023, we enriched the user experience with insurance and investment products, and with the addition of core banking products, we will take it to the next level. Thus, we will complete Papara’s journey to becoming a ‘Super App’ serving in all areas of finance,” stated Kenci.
T-Bank General Manager Servet Taze commented, “T-Bank’s extensive expertise in retail and corporate banking, as well as its vast knowledge and experience in the banking sector since the 1930s, combined with Papara’s user-focused vision, will strengthen traditional banking products to reach more users with innovative technologies and solutions.”
Stating that he believes in Papara’s potential to compete in international markets, Taze stated that this acquisition might be a milestone within the area of finance in Türkiye and can carry the sector ahead.
Papara beforehand acquired Spain-based neo-bank Rebellion Pay in July 2023 in a transfer towards increasing its presence in Europe.
According to the assertion, Papara made its largest acquisition so far, marking step one in its progress journey. Lucid Investment Bank offered monetary advisory for the deal, whereas Durukan+Partners served as authorized advisors.
Source: www.dailysabah.com