Fortis Sells GWK Bank to Travelex
The sale of Fortis’ Dutch subsidiary, GWK Bank (GWK), to Travelex has taken a step closer to completion after the two companies reached an agreement over the purchase price. The price has been determined at EUR 17,490,000 subject to a post closing net asset adjustment. Completion of the transaction will be subject to the approval of the regulatory authorities and other customary approvals. The sale follows Travelex’s acquisition of Belgium-based FX firm, Camrail, last year and will strengthen its existing Dutch operations, said Travelex.