Enba, the Dublin-based Internet financial services group has ended merger talks with Spanish online bank Uno-e.
Enba said the current global downturn in e-commerce undermined the rationale behind the merger.
Mr Manuel Galatas, chief executive of Uno-e, said that in the current market climate, it was going to be very difficult to develop efficient synergies in the global online financial services arena.
"Without those synergies, our competitive positions would eventually be seriously jeopardised." Mr Galatas said.
