16.06.2004 - comdirect sells British subsidiary
comdirect bank (ISIN DE0005428007) has exchanged contracts to sell comdirect ltd, its UK subsidiary to Execution Services Group ltd. (ESGL). ESGL is an investment within the portfolio of Lloyds TSB Development Capital Limited, a subsidiary of Lloyds TSB Group plc. Completion of this transaction is envisaged to be effective from the beginning of July 2004. The purchase price is 16.5 million euro. The net effect on the group's profit & loss statement 2004 will be plus 2.4 million euro before tax.
The strategic realignment of comdirect bank from a pan-european online broker to a one-to-one bank for the modern investor in Germany was the key reason behind the decision to proceed with the sale.
For questions, please contact Daniel Fard-Yazdani, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, phone +49(0)4106-704-1966, fax +49(0)4106-704-1969, e-mail email@example.com