BERLIN: Austria's Raiffeisen Bank International (RBI) agreed to buy Czech-based foreign exchange and payments provider Akcenta to strengthen its position in Central and Eastern Europe, it said on Monday.

RBI said it plans to acquire 70% of Akcenta and its Czech subsidiary would buy the remaining 30%.

Akcenta, with total assets of around 93 million euros ($112.87 million) at year-end 2020, offers foreign exchange, payment and hedging services to small and medium-sized businesses in the Czech Republic, Slovakia, Hungary, Poland, Romania and Germany.

RBI, which did not say how much it agreed to pay, expects the acquisition to be closed by end of May.