In this context, Obotritia Capital acquires Aktionärsbank from FinTech Group. Based on Aktionärsbank’s full-service banking license Obotritia Capital will kick off new commercial real estate financing activities under the new brand name "Bankhaus Obotritia".
FinTech Group will service all technical and regulatory operations by providing the banking system of its subsidiaries Bank biw AG and XCOM AG under a white-label banking agreement. This underscores the importance of the white label banking business within FinTech Group
Furthermore, joint financing rounds for commercial real estate are an option in the future. Both sides agreed not to disclose the purchasing price. The acquisition is subject to the approval of the relevant regulators.
"We are very pleased with this strategic partnership. The transaction also goes to show that our well-rounded profile – boasting excellence in both fin and tech – positions FinTech Group as the ideal partner for all financial institutions", comments Frank Niehage, CEO of FinTech Group AG.
"The divestment of our subsidiary Aktionärsbank is also the final step of the reorganization of our group which has started with the takeover of XCOM AG und biw AG in 2015."
The divestment of Aktionärsbank marks the closure of a one-year- concentration process during which FinTech Group AG has reduced the number of its banking licenses from four to one: In June 2015, FinTech Group AG has licensed its CFD operations to Commerzbank AG. It also allowed its online brokerage unit flatex to use the full-service banking license of Bank biw AG, which now serves as the backbone for all banking operations within FinTech Group.
The cost reductions under the new set-up will amount to a significant seven-digit-million euro figure annually and maximize synergies.
