Friday 27 November 2009

Ivobank to close

The dedicated bank to the online gambling sector is to close down after its backers, the wealthy Sampoerna family, declined a request by the Financial Services Authority, the City regulator, to inject more funds to keep it solvent, according to eGaming Review, the magazine, as reported in The Times.

Since gaining its banking licence, Ivobank Limited has never made a profit, turning in losses of £5.2million for the year to 30th June 2006, £12.3million to 30th June 2007 and £17.5million to 30th June 2008 putting it one off the bottom of the Return on Capital league table and bottom of the Return on Assets league table.

No comments: