mBank and Commerzbank to launch pan-European challenger bank

Tuesday 31 July 2018 11:10 CET | News

Poland-based mBank, along with involvement from Commerzbank, have announced the impending launch a new pan-European challenger bank.

The project’s code name is Kopernik and it will initially target Germany. It is understood the project will use the digital operations of mBank and Commerzbank (including Comdirect in Germany). It will be based on the technology developed and used by mBank in Poland – including its channels and core banking system.

In 2017, mBank started to license its mobile and online banking system to other financial institutions outside Poland. The first taker was La Banque Postale in France. According to Polish newspaper Puls Biznesu (Business Pulse), work is underway in Warsaw and Frankfurt.

The project name Kopernik should not be confused with Kopernik Bank in the US. The latter can trace its origins back to 1924, when Kopernik Building and Loan Association of Baltimore City was founded.

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Keywords: mBank, Commerzbank, pan-European, challenger bank, Kopernik, Germany, Poland, comdirect, La Banque Postale
Countries: World