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OLB successfully completes acquisition of Degussa Bank
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- OLB strengthens position in German banking market
- OLB to serve around one million customers
- Acquisition of Degussa Bank brings cost savings and synergies
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EQS-News: Oldenburgische Landesbank AG / Key word(s): Mergers & Acquisitions |
CORPORATE NEWS
Oldenburg, 30 April 2024
OLB successfully completes acquisition of Degussa Bank
With today's closing, Oldenburgische Landesbank AG (“OLB” or “Bank”) became the new owner of Degussa Bank AG. With this strategic step, OLB is strengthening its position in the German market and is also becoming a significant player in the European banking sector. “With the acquisition of Degussa Bank, we are emphasizing our successful growth path and reaching a meaningful size to further develop solidly and sustainably. We are very confident that we will continuously improve our good position in the highly competitive banking market”, said Stefan Barth, CEO of OLB.
Degussa Bank contributes around 311,000 retail customers, most of whom in Germany located in geographically complementary regions to OLB's customers. Conclusively, OLB will serve almost one million customers in the future. In addition, the transaction enables significant synergies and integration benefits. Due to the strong focus on cost efficiency and the stringent identification of synergy potentials in personnel, IT, and marketing expenses, OLB expects to realise cost savings of around EUR 50 million (m) shortly after the migration of Degussa Bank. With the acquired deposit portfolio of more than EUR 5 billion in granular sight and term deposits primarily from the retail business and an unutilized cover pool potential of about EUR 500 million, OLB's refinancing base will be strengthened at the same time.
Oldenburg, 30 April 2024
OLB successfully completes acquisition of Degussa Bank
- Strategic merger strengthens position in German banking market
- OLB to serve around one million customers nationwide in future
- Dr Rainer Polster new Chairman of the Supervisory Board of Degussa Bank
With today's closing, Oldenburgische Landesbank AG (“OLB” or “Bank”) became the new owner of Degussa Bank AG. With this strategic step, OLB is strengthening its position in the German market and is also becoming a significant player in the European banking sector. “With the acquisition of Degussa Bank, we are emphasizing our successful growth path and reaching a meaningful size to further develop solidly and sustainably. We are very confident that we will continuously improve our good position in the highly competitive banking market”, said Stefan Barth, CEO of OLB.
Degussa Bank contributes around 311,000 retail customers, most of whom in Germany located in geographically complementary regions to OLB's customers. Conclusively, OLB will serve almost one million customers in the future. In addition, the transaction enables significant synergies and integration benefits. Due to the strong focus on cost efficiency and the stringent identification of synergy potentials in personnel, IT, and marketing expenses, OLB expects to realise cost savings of around EUR 50 million (m) shortly after the migration of Degussa Bank. With the acquired deposit portfolio of more than EUR 5 billion in granular sight and term deposits primarily from the retail business and an unutilized cover pool potential of about EUR 500 million, OLB's refinancing base will be strengthened at the same time.
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