Newtek Business Services Corp. Completes Acquisition Of National Bank Of New York City
Acquiring Company
NewtekOne
Acquired Company
National Bank of Egypt
Boca Raton
United Arab EmiratesFinancial ServicesFinanceFintechLendingBankingFinancial ServicesFinanceLendingBankingDescription
Newtek Business Services Corp. (NASDAQ: NEWT) (“Newtek”) announced that on January 6, 2023, it completed its acquisition of the National Bank of New York City (“NBNYC”), a 59-year-old national bank regulated and supervised by the Office of the Comptroller of the Currency, and converted to a financial holding company. NBNYC has been renamed Newtek Bank, National AssociationTM (“Newtek Bank, N.A.”) and has become a wholly owned subsidiary of the Company. In addition, Newtek has filed with the Securities and Exchange Commission its notification of withdrawal of election to be subject to the Investment Company Act of 1940, and has ceased to be a business development company as of January 6, 2023. Within the next two weeks, Newtek will change its name from Newtek Business Services Corp. to NewtekOne, Inc.® and will retain its trading symbol (Nasdaq: NEWT). Additionally, in the coming weeks, Newtek will finalize its rebranding initiative, and will relaunch its redesigned corporate website. The Company intends to host conference calls in the coming weeks to discuss these initiatives and financial and operational targets in greater detail.
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Frequently asked
Who acquired National Bank of Egypt?
National Bank of Egypt was acquired by NewtekOne, based in Boca Raton. The deal was reported on January 6, 2023. NewtekOne has helped businesses grow since 1998. NewtekOne is publicly traded (NEWT) and operates in Financial Services.
When did NewtekOne acquire National Bank of Egypt?
NewtekOne's acquisition of National Bank of Egypt was reported on January 6, 2023. Newtek Business Services Corp. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does National Bank of Egypt do?
National Bank of Egypt is one of the largest banks in Egypt, offering a wide range of banking products and services. The bank aims to be a leader in the Egyptian banking system by providing modern, innovative, and customer-focused banking solutions. It is privately held, operating in Financial Services, and is based in United Arab Emirates.
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