Fully compliant with BNP’s 2014 to 2016 Business Development Plan, the acquisition is expected to give a strong boost to the company in the development of its digital banking and brokerage business in Europe.
In addition, the transaction would enable the group to nearly double the number of German clients in the segment to 1.4 million clients and reach €58bn assets under management (AuM).
DAB Bank operates in Germany and Austria, with 567,000 and 67,000 clients, respectively.
BNP Paribas Germany head and Germany management board chairman and Camille Fohl said: "The purchase of DAB Bank is a unique opportunity for us to further develop in Germany.
"It enables us to significantly increase and broaden our client and deposit bases in this country, contributing to the development of our German businesses in line with our strategic plan for this market."
BNP Paribas COO and domestic markets head François Villeroy de Galhau said: "This acquisition will be instrumental in supporting the growth of our digital bank and brokerage in Europe.
"Since the successful launch of our own digital bank Hello bank! last year, we have been eager to grow further in this field. We plan to continue to develop this successful initiative."
BNP already has an online banking and brokerage services unit in Germany, called Cortal Consors, which serves 790,000 private clients and employs 800 people on a full-time-basis.
BNP Paribas Germany Retail activities coordinator and Cortal Consors Germany CEO Kai Friedrich said: "This operation is very positive for the clients of Cortal Consors and DAB Bank, which will benefit from the combined expertise of both companies."
The transaction remains subject to approval by UniCredit Bank’s supervisory board and will include customary regulatory and antitrust approval conditions.
Image: BNP Paribas is acquiring 81.39% stake in German online investment brokerage, DAB Bank. Photo: courtesy of Tangopaso.
