Fidelity acquires outstanding Kordoba stake

Fidelity acquires outstanding Kordoba stake

Fidelity National Financial of the US has acquired from Siemens the remaining 25.1% minority interest in German core banking systems house Kordoba that it didn't already own.

Originally formed in 1979, Kordoba provides both outsourced and in-house core banking solutions to German savings and commercial banks, including core transaction processing, ATM network kit, accounting and reporting software and a securities processing system.

FNF acquired a 74.9 percent stake in Kordoba from Siemens Business Services last year.

FNF chairman and CEO William Foley, says: "We have been very pleased with the performance of Kordoba since the acquisition, as it has extended FNF's penetration into the German banking market."

Financial details of the transaction were not disclosed.

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