Austrian Post and FinTech Group AG announced to establish a 50/50 joint venture. FinTech Group Bank AG will contribute its Austrian branch which has been operating successfully for more than eight years including its approx. 30,000 customers to the joint venture, subject to the approval of the relevant supervisory authorities.

After being granted a banking license, the joint venture company will offer banking services in Austria and will be provided with equity capital of more than EUR 200 million. The joint venture company will source IT services from FinTech Group AG and leverage distribution services and infrastructure provided by Austrian Post.