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Former Commerzbank CEO Launches Fintech SPAC in Amsterdam

FRANKFURT, March 15 (Reuters) - Former Commerzbank Chief Executive Martin Blessing has launched the Amsterdam initial public offering of a blank-cheque company targeting the acquisition on a financial technology firm, the bookrunner of the deal said on Monday.

The European FinTech IPO Company 1 (EFIC1) is planning to raise up to 415 million euros and seeking an investment target in financial services and fintech in Europe within the next 24 months.

Special purpose acquisition companies raise funds in an initial public offering with the aim of buying a private firm. The United States has seen a boom in SPAC listings, and numbers are growing in Europe.

The SPAC of Blessing, a former co-president of UBS’ Global Wealth Management unit, comes on the heels of former UniCredit boss Jean-Pierre Mustier’s announcement to list a shell company in Europe.

Other sponsors of Blessing’s EFIC1 are former Barclays Ventures CEO Ben Davey and Nick Aperghis, the founder of an investment banking boutique Aperghis & Co. Dutch investor HTP has committed to a cornerstone investment of 40 million euros.

Credit Suisse is organising the transaction with the help of ABN Amro.

(Reporting by Arno Schuetze, editing by Louise Heavens)

Source: Reuters

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