By Cecilia Butini

Raiffeisen Bank International AG said Monday that it has reached an agreement to acquire Czech-based foreign exchange and payments provider Akcenta CZ AS.

Under the agreement, the Austrian banking group is set to acquire 70% of Akcenta, while the remaining 30% will be acquired by its Czech subsidiary Raiffeisenbank as.

The transaction, the financial terms of which weren't disclosed, is expected to close by the end of may, the bank said.

It added that the acquired company won't be integrated into Raiffeisen Bank International.

"This approach allows us to leverage synergies while ensuring Akcenta's flexibility and growth momentum," said Lukasz Januszewski, a member of the banking group's management board responsible for markets & investment banking.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

February 15, 2021 06:44 ET (11:44 GMT)

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