Brendan Burgess
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An Austrian bank has taken over a company called MoCo which is trying to enter the Irish market.
MoCo was all set to go but was put off by the "irrational pricing" by Irish banks of mortgages. As MoCo was raising funds on the money markets, it wouldn't have been profitable.
Presumably, Bawag will fund the company from deposits?
“Bawag Group completed the acquisition of MoCo earlier this year and is excited to build on the platform that the Moco team has created,” the Austrian bank said on Friday. “We find the Irish market to be attractive with positive long term macro fundamentals in place. We are currently in talks with regulators and will provide further updates in due course.”
Brendan
Wealthy Irish investors wiped out as Austrian bank buys mortgage company
Business received more than €3.65m in investment from number of high-net-worth individuals
www.irishtimes.com
MoCo was all set to go but was put off by the "irrational pricing" by Irish banks of mortgages. As MoCo was raising funds on the money markets, it wouldn't have been profitable.
Presumably, Bawag will fund the company from deposits?
“Bawag Group completed the acquisition of MoCo earlier this year and is excited to build on the platform that the Moco team has created,” the Austrian bank said on Friday. “We find the Irish market to be attractive with positive long term macro fundamentals in place. We are currently in talks with regulators and will provide further updates in due course.”
Brendan