NIBC was also being lined up to provide funding to MoCo, which at one stage was valued at almost €26 million, to allow it to get into the home loans market by arranging mortgages through brokers.
Efforts to secure comment from Bewag, NIBC, and former and current top executives at MoCo were unsuccessful on Thursday., an online mortgage platform for brokers and banks, said that Bawag’s purchase of MoCo should bode well for borrowers. “Getting more competition into the market is really important,” he said.
This resulted in one of Austria’s largest banks, Bawag, stepping in to take over the company. Bawag is best known in Irish financial circles for buying the remnants of Dublin-based Depfa Bank two years ago.
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