comdirect bank AG today agreed to sell wholly-owned subsidiary ebase (European Bank for Financial Services GmbH) to the financial technology provider FNZ Group, which is based in London.
The reason for the sale is a stronger focus on the core business of comdirect bank.
ebase to become part of FNZ Group
The purchase agreement was signed today. The purchase price amounts to around €151m. The transaction is subject to the approval of the banking supervisory and antitrust authorities. The parties seek to close the transaction in the current year. 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.
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. ebase has over one million customers and has assets under control of around €31bn. In 2009, comdirect bank AG purchased ebase from the former Commerz Asset Management Holding for a purchase price of €24.9m.
“Since we took over the company around nine years ago, we have continued to develop ebase in tandem with management. ebase has made a good contribution to the results of the comdirect group and is now one of the leading B2B direct banks,” says Arno Walter, CEO of comdirect bank AG and Chairman of the Supervisory Board of ebase GmbH. “ebase will continue on its road to success following its sale to FNZ Group. We would like to thank the employees and the management for all their efforts and we wish them all the best and every success for the future.”
comdirect focuses increasingly on further development and growth
Walter adds, “comdirect has been regularly re-evaluating the future strategic role of ebase in the comdirect group. Given the current favourable market conditions and the successful repositioning of ebase, now was the perfect time for a sale. We will primarily use the newly acquired funds for continued development and growth in the core business. comdirect has always been a pioneer of the industry and a growth company. This is precisely where we want to make further progress.” The additional resources will be invested in growth through new smart products and services, new technologies and measures to gain new customers and Assets under Control. An investment volume of up to €30m is budgeted for this purpose in 2018. “Our aspiration is to be the top address in saving, investing and trading with securities in Germany. As a smart financial companion, we already offer today simple, intuitive and digital banking to the mobile generation,” says Walter.