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German fintech Raisin to buy MHB Bank

FRANKFURT, March 7 (Reuters) - German fintech Raisin, which is backed by Paypal, is buying Frankfurt-based MHB Bank as it seeks to expand business of offering deposit services to retail customers, Raisin's chief executive told Reuters.

MHB Bank, a former subsidiary of German landesbank NordLB, is being sold by U.S. buyout group Lone Star. A purchase price was not disclosed.

The transaction is still pending approval by German financial watchdog BaFin and the European Central Bank.

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