Forbes Ventures Buys Stake in UK Online-Only Bank Civilised Investment.
M2 EQUITYBITES-February 15, 2017-Forbes Ventures Buys Stake in UK Online-Only Bank Civilised Investment
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15 February 2017 - UK-based Investment company Forbes Ventures has acquired 4,545 ordinary shares, representing a 0.84% interest, in UK-based UK-based online-only bank Civilised Investments Ltd. for a consideration of GBP 200,000 (USD 249,140), the company said.
The consideration is to be satisfied by the issue of 40m new ordinary shares in Forbes at a price of 0.5 pence per share, to Gravity Investments Ltd., the vendor.
Civilised Investments submitted an application for a UK banking licence in June 2016 and will change it's name to Civilised Bank upon authorisation.
The 'challenger' bank will have an innovative business model, utilising technology to provide savings to retail customers and enable branchless Local Bankers providing loans, current accounts and other business banking products to under-served UK Small and Medium-Sized Enterprises.
In addition, Forbes announces that it has issued 6m ordinary shares at a price of 0.5 pence per share as settlement of fees for services rendered to the company.
Forbes Ventures is an Investment company with a focus on consolidating companies in inefficient market sectors, by raising capital, providing strategic support and using technology to improve the resulting company's efficiency and scalability.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 15, 2017|
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