The Provident Group (PAG) has been acquired by the online bank provider Provident.
The two companies announced the acquisition today, and will combine their online banking businesses.
The announcement follows a report by the Financial Times last week that said the deal would bring online banking to the United States.
The move to combine the two companies’ businesses is another sign that the financial services industry is rapidly evolving, as new online banking offerings and services are coming online at an increasingly rapid pace.
The merger is a result of a merger agreement between PBI and PAG, which was completed last year.
“The PBI team is excited to announce the completion of a strategic partnership that will enable us to deliver our innovative online banking solutions to a wide range of consumers,” said Scott O’Leary, CEO of Provident Global.
The combined company will be called Provident and will have a new CEO. “
This merger provides us with a unique opportunity to enhance our existing offerings to meet the increasing needs of our customers and provide them with the financial tools and services they need to thrive.”
The combined company will be called Provident and will have a new CEO.
It will operate as a standalone company, with no immediate operations in the United Kingdom.
“We are extremely proud of our work with Provident over the last four years,” said PBI’s CEO, David Mather.
“They have been one of the most innovative online banks in the world, and we are excited to join forces with them in this new era.”
The company, which will continue to be headquartered in New York, has expanded its operations internationally.
“It is exciting to see the combined companies take on the challenges of building a strong and innovative online bank in the U.S. and Europe,” said Mather in a statement.
“Provident has developed innovative, innovative products that provide customers with the best possible financial services experience.
With our combined capabilities and knowledge, we are ready to help Provident achieve this ambitious goal.”
PBI, which has offices in New Zealand, Singapore, Australia, and India, said it will operate under a new global CEO and will continue operating as a private company.
The new company will have additional assets, including an existing asset of more than $200 million, and a new, additional $30 million capital that will be used to accelerate expansion in its existing markets.
“With the consolidation of our businesses, we will be able to invest in the growth of our business and our employees, as well as provide the additional capital required to build out the business into new markets,” Mather said in a press release.
“Together we can create a strong global banking network and help consumers get the most out of their banking experience.”
Provident also said it would create a new international subsidiary in the UK, the first such move in the company’s history.