Citibank NA is to acquire an ownership interest in Meca Software LLC, developers of electronic banking and personal finance software. The deal is intended to enhance the existing relationship between the two and to further integrate Meca’s products with the bank’s services. Citibank will join Bank of America, NationsBank, First Bank System, Fleet Financial Group, Royal Bank of Canada and The New England as co-owners of Meca. The size of Citibank’s stake was not disclosed, but Meca claims there is no majority owner. The price paid by Citibank is believed to be roughly equivalent to the $10m paid by The New England for its stake.
