Dublin-based Internet financial services company Enba and Spanish interactive bank Uno-e have scrapped plans for a merger to create UnoFirst.

Enba CEO Dr Gerhard Huber said that because of current market conditions, the two groups had concluded that they needed to focus on their core markets before any further expansion.

Enba, founded in 1998, will stay in the hands of its original shareholders, including Dr Huber, and institutional investors.

It owns First-e, which provides financial services technologies and web hosting facilities to other organisations.