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.
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 […]