Merger talks terminated
Banco Bilbao Vizcaya Argentaria SA
20 April 2001
Uno-e. and enba end merger plans
Madrid /Dublin, April 20, 2001.- Uno-e Bank, S.A. - the interactive bank
promoted by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) and Terra Networks,
S,A, and enba plc - the Dublin-based holding company for Internet financial
services businesses, announced today the end of the ongoing merger process
to create UnoFirst Group.
'After carefully analyzing the details of the operation and due to current
market conditions, we have together reached the conclusion that both our
companies need to focus on our respective core markets before undertaking any
further expansion. Both companies have the capability and are well positioned to
exploit new opportunities in the future following from their strong
achievements to date,' said Dr. Gerhard Huber, CEO of enba plc.
In the current market climate, it was going to be very difficult to develop
efficient synergies in the global online financial services arena. Without those
synergies, our competitive positions would eventually be seriously jeopardized.
That's why we are announcing the end of this project today'', added Manuel
Galatas, Chairman and CEO of Uno-e.
Galatas thanked Huber for the support and commitment given by his team and by
the shareholders of enba plc. Huber also thanked Galatas for the intensive
efforts made by BBVA, Terra and the Uno-e team in attempting to bring the
planned merger to fruition.
Uno-e - launched in Spain in March 2000 - will keep on developing its successful
Financial Supermarket(C) strategy, offering not only proprietary
financial products, but also those developed by other banks and financial
institutions. Uno-e has reported a total customer base of more than 80,000, a
rise of 54% since the end of 2000, and 358 million under management, a rise of
128% for the same period.
enba plc, founded in 1998, will stay in the hands of its original shareholders,
a group of entrepreneurs led by Dr. Gerhard Huber and prestigious institutional
investors which include Apax Partners, Aureus Private Equity, Capital Z
Financial Services Fund, CGU Insurance plc., Invision, Morgan Stanley Dean
Witter, Vertex, Paine Webber Capital Inc. and Wit Soundview Inc.
About enba Plc.
enba plc., is a Dublin based holding company for Internet financial services
businesses. The company's wholly owned subsidiary, first-e group plc., is a
leading international provider of financial services technologies, solutions
and web hosting facilities to other organisations. The group supplies these
facilities to financial services providers and other commercial
organisations who wish to provide an outsourced online financial services
capability to their own customers.
The outsourcing of an online financial services capability by institutions is an
increasing trend and first-e group, with a proven capability in the
financial services sector, is particularly well positioned to benefit from this
growing business opportunity in the future.
Through its specialist technology arm, factor-e plc, first-e group plc, provides
technologies, software and support services in the United Kingdom and Germany to
first-e the internet bank which is the trademark used by the French bank,
Banque d'Esompte for banking services on the Internet. Banque d'Escompte is a
French bank, incorporated as a limited liability company (societe anonyme), with
a paid up capital of 37,500,000 (Paris Companies Register No B 702 950 148).
Registered Office: 13 boulevard Haussmann: 75009 Paris, France.
first-e the internet bank offers its customers the very best of banking and
technology across a portfolio which includes online deposit and current
accounts and a range of insurance products.
The pioneering internet bank has redefined banking by reducing charges and
maximising the interest returns to its customers in a high quality service
environment. first-e, the internet bank is well established and continues to
expand successfully with over 215,000 customers. Deposits held by the bank now
exceed 1 billion.
first-e group plc's technology arm, factor-e plc, provides advanced Internet
financial services technologies and solutions including 'bank in a box' and
mobile commerce systems to companies wishing to provide online financial
services on an own branding or co-branding basis. The company also provides
the infrastructure, staff resources and back-up required by financial
services companies to operate Internet based facilities for their own customers.
enba plc, has the capital backing of Apax Partners, Aureus Private Equity,
Capital Z Financial Services Fund, CGU Insurance plc., Invision, Morgan Stanley
Dean Witter, PaineWebber, Vertex and Wit Soundview Inc., and a number of private
investors.
About Uno-e
Under the Financial Supermarket(C) concept, Uno-e (www.uno-e.com) is offering
not only proprietary financial products, but also those developed by other banks
and financial institutions. The goal is to provide customers with
powerful interactive tools to make personal financial decisions, online
transactional capability and 24x7 access to its Web, Contact Center or network
of Personal Agents.
One year after its launch, Uno-e already offers its customers.
- A highly remunerated current account, fully transactional and highly
awarded by the most prestigious financial publications in Spain as
the only account that combines high yields and a full range of
quality services.
- An online broker with highly competitive fees.
- A debit card to provide ATM access and payment services.
- A co-branded credit card 'Uno-e American Express'.
- A Mutual Funds Supermarket, with a growing selection of more than a
hundred mutual funds from a dozen different providers, both Spanish
and international.
- A powerful search engine for mortgages.
- A selection of high-yield and commission-free deposits.
- Products in Euros, US Dollars and Pounds Sterling.
- A broad range of information, news and quotes for customers, including
market data, mutual funds shopping engines, portfolio managers, etc.
The company is also developing new services such as an Insurance Supermarket
and a Pension Funds Supermarket.
Uno-e, a project promoted by BBVA and Terra Lycos, has 80,000 customers and 358
million under management (as of 03.31,01).
For reference:'
Uno-e Bank enba plc,
Alberte G. Patino Tim Kinsella
+34 91 453 6329 +353 1 678 8330
alberte.patino@uno-e.com tim@kinman.ie
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