Investment bank Eurus Capital and several of its clients are taking control of neobank International Bank of Australia.
Established by ASX-listed payments fintech Novatti in November 2022, IBOA operates under a Restricted ADI licence and has until this November to progress to a full licence.
Novatti yesterday said it “entered into a binding agreement with Eurus Capital Pty Ltd
for the sale of 100 per cent of its shares in IBOA Group Holdings Pty Ltd for $2.87 million.”
To facilitate the sale, Novatti and Eurus have entered into a sell down facilitation deed pursuant to which Eurus must procure purchasers for all of Novatti’s 36,363,637 shares in IBOA for an aggregate purchase price of $2.87 million.
Completion is scheduled for no later than 30 July (next Tuesday).
It appears that Eurus Capital will be one of the new shareholders.
Then, presumably, Eurus and its co-shareholders will need to rustle up tens a millions in additional capital in order to progress to a full licence in little more than three months.