20.10.2005 - comdirect bank acquires deposit and custody accounts from American Express Bank in Germany
comdirect bank AG (ISIN DE0005428007) is taking over a portfolio of around 45,000 customers from American Express Bank GmbH, a German company within the American Express Group. The purchase price amounts to approx. €13m. A part payment of 70% will be made when the customers are transferred to comdirect bank (scheduled for 1 January 2006). The remainder of the purchase price will be paid after a year with the amount depending on customer turnover. The transaction will take effect subject to approvals including from the regulatory authorities, especially the German Cartel Authority.
The American Express Bank customers in question have on average assets totalling €11,000 invested in fund custody accounts, foreign currency accounts, call-money accounts and current accounts. As of the scheduled date of 1 January 2006, customers will be serviced by comdirect bank and will continue to have access to all the products and services previously available from American Express Bank.
For more information please contact: Daniel Fard-Yazdani, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, Tel. +49(0)4106-704-1966, Fax +49(0)4106-704-1969, e-mail email@example.com
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