10.07.2018 - comdirect bank AG sells its subsidiary European Bank for Financial Services GmbH (ebase)
Ad hoc Release in Accordance with Section 17 MAR
- 13:38 CET - comdirect bank AG (ISIN DE0005428007*) sells its 100% subsidiary European Bank for Financial Services GmbH (ebase) based in Aschheim near Munich to FNZ Group. Reason for the sale is the planned refocus on the core business of comdirect bank AG.
The purchase agreement was signed today. The purchase price is around €151m. The parties seek to close the transaction in 2018. After consideration of all potential costs, timing of closing, as well as book value of ebase, the sale is expected to result in a positive non-recurring income (before tax) for comdirect of at least €85m which is anticipated to be used for the strengthening and growth of the core business of the bank. comdirect intends to invest up to €30m during 2018.
The sale is still subject to the approval of the banking supervisory and antitrust authorities.
ebase is located in Aschheim, near Munich, and has 265 employees. The company offers brokerage and banking solutions to financial sales companies, insurers, banks and asset managers to help them manage money and assets on behalf of their clients. As of 31 March 2018, ebase serviced over one million custody accounts for its cooperation partners and has assets under control of around €31bn.
Please address your questions to: Simone Glass, Investor Relations, comdirect bank AG, Pascalkehre 15, D-25451 Quickborn, Telephone +49-4106-704-1966, Telefax +49-4106-704-1969, E-Mail email@example.com
* admitted to the regulated market of Frankfurt Stock Exchange
End of ad hoc release