DGAP-News
FinTech Group AG sells Aktionärsbank to Obotritia Capital KGaA
DGAP-News: FinTech Group AG / Key word(s): Disposal
FinTech Group AG sells Aktionärsbank to Obotritia Capital KGaA
29.04.2016 / 06:41
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
FinTech Group AG sells Aktionärsbank to Obotritia Capital KGaA
29.04.2016 / 06:41
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
FinTech Group AG sells Aktionärsbank to Obotritia Capital KGaA and starts
strategic partnership
- Obotritia Capital KGaA acquires Aktionärsbank from FinTech Group AG
- FinTech Group also wins Obotritia as new customer, as its subsidiaries
Bank biw AG and XCOM AG will act as white-label service and technology
provider
- Under the new branding "Bankhaus Obotritia" the bank will launch new
business models in commercial real estate financing
Frankfurt am Main, Germany - FinTech Group AG (WKN 524 960, ISIN:
DE0005249601, FLA.GR) launches a strategic partnership with Obotritia
Capital KGaA and its General Partner Rolf Elgeti. In this context,
Obotritia Capital acquires Aktionärsbank from FinTech Group. Based on
Aktionärsbank's full-service banking license Obotritia Capital will kick
off new commercial real estate financing activities under the new brand
name "Bankhaus Obotritia". FinTech Group will service all technical and
regulatory operations by providing the banking system of its subsidiaries
Bank biw AG and XCOM AG under a white-label banking agreement. This
underscores the importance of the white label banking business within
FinTech Group.
Furthermore, joint financing rounds for commercial real estate are an
option in the future. Both sides agreed not to disclose the purchasing
price. The acquisition is subject to the approval of the relevant
regulators.
"We are very pleased with this strategic partnership. The transaction also
goes to show that our well-rounded profile - boasting excellence in both
fin and tech - positions FinTech Group as the ideal partner for all
financial institutions", comments Frank Niehage, CEO of FinTech Group AG.
"The divestment of our subsidiary Aktionärsbank is also the final step of
the reorganization of our group which has started with the takeover of XCOM
AG und biw AG in 2015."
The divestment of Aktionärsbank marks the closure of a one-year-
concentration process during which FinTech Group AG has reduced the number
of its banking licenses from four to one: In June 2015, FinTech Group AG
has licensed its CFD operations to Commerzbank AG. It also allowed its
online brokerage unit flatex to use the full-service banking license of
Bank biw AG, which now serves as the backbone for all banking operations