Posted Thursday, July 11, 2019 07:20:24A Nevada bank said on Thursday that it would pay $50 million to the state’s biggest consumer credit bureau for a new online business.
The Nevada State Bank, which is backed by the US government and includes US-based Citigroup, said in a statement that it is paying the state $50m in cash and a $10m loan.
“This transaction demonstrates the strong growth potential of Nevada’s internet banking ecosystem,” the bank said in the statement.
“It is an important milestone in our journey to create a fully integrated and fully trusted banking environment in Nevada, enabling us to further our mission of helping our customers and businesses to access the financial services they need and deserve.”
The bank is the largest online banking provider in the state and was founded in 2005.
The state’s largest consumer credit agency, which it is a part of, is in talks with a group of private banks about the transaction, which could come as soon as next month, according to the Nevada Banking Department.
The group includes US and international banks, credit unions and other lenders.
The deal, which has yet to be announced, is the latest in a string of announcements by banks that have been working to bolster their online presence.