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comdirect bank: Acquisition of ebase agreed

Quickborn, 08.04.2009

Quickborn. comdirect bank (www.comdirect.de) today agreed an acquisition of ebase (European Bank for Fund Services) with Commerz Asset Management Holding. The purchase price stands at EUR 24.9m. The transaction is subject to the approval of the German Federal Financial Supervisory Authority (BaFin). "Through the acquisition of ebase, we intend to further boost our growth and development in addition to the new complus programme," explains Michael Mandel, CEO of comdirect bank AG.

ebase is located in Haar near Munich and has around 250 employees. As a full-service platform, the company offers professional custody account services for independent financial services providers and insurance companies. Following the acquisition of ebase, comdirect bank stands for more than 2 million customers with assets totalling around EUR 30bn. Mandel adds: "We will be considerably expanding our business-to-business activities with ebase. The market proximity and the brand of ebase provide first class preconditions for this."

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