AnaCap Financial Partners (AnaCap), a mid-market private equity investor, has sold Equa bank (Equa) to Raiffeisen Bank International (RBI) through its Czech subsidiary Raiffeisenbank as.
Based in the Czech Republic, Equa is a tech-enabled full-service challenger bank that focuses on private individuals and Small and Medium Enterprises segments. Equa has an omni-channel distribution strategy that combines an intuitive digital banking platform alongside a selective physical distribution network.
AnaCap has transformed Equa into a market-leading, digitally driven challenger bank. Under AnaCap’s stewardship, the bank has grown its deposit base and loan book by more than 12x, leading to increased market shares across all segments. A strong commitment to digital customer solutions via its market leading digital banking offering has also led to more than 36x growth in revenues. Together with management, AnaCap has successfully implemented an accelerated challenger bank growth strategy with investment in innovation, talent and the effective application of modern technology. The strategy has seen the successful introduction of fully digital onboarding for new-to-bank customers with innovative multi-platform current account applications in tandem with efficient process automation and strong IT security combined with advanced anti-fraud systems and mobile application resilience measures.
Throughout 2020, despite the ongoing wider economic impact of the Covid-19 pandemic, Equa has continued to increase its customer base to just under 480,000 – representing a 13 per cent year-on-year growth and a strong reflection of a Net Promoter Score of 81, compared to the market average of 30. Total balance sheet grew by 15 per cent year-on-year to more than EUR2.8 billion, while customer deposits increased by 16 per cent to around EUR2.5 billion.
Tassilo Arnhold, Partner at AnaCap, says: “We are delighted with the growth that Equa has enjoyed under AnaCap’s ownership and we now pass it on to RBI for its next stage of development. Equa boasts an excellent team that have successfully built a modern digital banking platform with the strategic advantage of proprietary technology components and sophisticated data analytics with the potential to scale further as the business grows. We are particularly pleased with the strong distribution and underwriting platforms we have helped build. These have given staff the ability to offer high-quality services and competitive pricing levels which has ultimately given Equa a strong position from which to flourish. We thank the team for their efforts and wish them continued success for the next chapter of their journey working with RBI.”
Petr Řehák, Chief Executive Officer at Equa, says: “We are very pleased with Equa’s growth story and development as a market-leading, challenger bank during its tenure with AnaCap. We are particularly happy with the sustained implementation of innovative technology as a main growth driver that has enabled our client base to both modernise and enjoy a more efficient end-user experience. We are delighted that Equa has attracted interest from a company with such a track record as RBI and look forward to Equa’s next chapter of growth with them.”
For this transaction, AnaCap received financial advice from Rothschild & Co and legal advice from CMS Cameron McKenna Nabarro Olswang LLP. The transaction is subject to the usual closing conditions, including regulatory and antitrust approvals.