March 7, 2019 / 6:04 AM / 3 months ago

German fintech Raisin to buy MHB Bank - exec

FRANKFURT, March 7 (Reuters) - German fintech Raisin, which is backed by Paypal, is buying Frankfurt-based MHB Bank as it seeks to expand business of offering deposit services to retail customers, Raisin’s chief executive told Reuters.

MHB Bank, a former subsidiary of German landesbank NordLB , is being sold by U.S. buyout group Lone Star. A purchase price was not disclosed.

The transaction is still pending approval by German financial watchdog BaFin and the European Central Bank. (Reporting by Nadine Schimroszyk; Writing by Arno Schuetze; Editing by Christoph Steitz)

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