AnaCap sells Equa Bank to Raiffeisen Bank

The deal comes a decade after AnaCap acquired Equa (then known as IC Bank) and its Italian parent company Banco Popolare for €48m.

According to Czech publication E15, the selling price was likely to be between CZK 2.8bn (€106.4m) and CZK 4.4bn (€167.2m). However, a source told Unquote that the actual figure is much higher. 

During the holding period, the GP said the digital bank had grown its deposit base and loan book by more than 12x and achieved a 36x growth in revenues.

The company recently posted a 2020 net profit of CZK 197m, down 55% from CZK 440m in 2019.

However, the company increased its customer base to almost 480,000, representing a 13% year-on-year growth, and its balance sheet grew 15% year-on-year to more than €2.8bn; its customer deposits also increased by 16% to around €2.5bn.

The transaction is subject to regulatory approval and is expected to close at the end of Q2 or start of Q3 this year. 

Company
Based in Prague and founded in 2011, Equa is a digital bank that serves private individuals and SMEs.The company operates 58 branches throughout the Czech Republic.

It has 600 employees and generated a net profit of CZK 440m (€17m) in 2019 and CZK 197m (€7.6m) in 2020.

People
AnaCap – Tassilo Arnhold (partner).
Equa Bank – Petr Řehák (CEO).

Advisers
Equity – Rothschild & Co (financial due diligence); CMS Cameron McKenna Nabarro Olswang (legal).

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