Internet bank set for launch

By THIS IS MONEY
Updated:

 

First-e, the Internet banking group with 50,000 UK customers, today announced it is merging with Uno-e, the Spanish Internet bank, to create a £1.5 billion European online bank group.

First-e is 50% owned by the French bank Banque d'Escompte and 50% by the Dublin-base holding company enba.

Uno-e is owned by Banco Bilbao Vizcaya Argentaria and Internet service provider Terra Networks.

The new merged outfit will be known as unofirst group, with BBVA and Terra Networks holding 67.5% of the share capital and enba the remaining 32.5%.

Xavier Azalbert, of first-e, said the merged group aimed to establish a strong presence across western Europe and then around the globe.He added: 'It is the intention of the unofirst group to go public in 10 to sixteen months.'

First-e currently offers UK customers a high interest savings account.Other services in the pipeline include online share dealing and comparison shopping for financial products.

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