NEWS IN ENGLISH | BNP Paribas to acquire 81.39% of DAB Bank AG, a major digital player in Germany
BNP Paribas to acquire 81.39% of DAB Bank AG, a major digital player in Germany
2014-09-01 12:16:00

The execution of final documentation remains subject to approval by UniCredit Bank AG's supervisory board and will include customary regulatory and antitrust approval conditions.

DAB Bank, which is a major player in the online securities-related sector in Germany, has been experiencing rapid growth in its direct banking business since 2012. The Munich-based company is expanding its business with private clients, as well as via its B2B offer to IFAs (Independent Financial Advisers). DAB Bank operates in Germany and Austria, where it has 567,000 and 67,000 clients, respectively. Its total deposits reached 5 bn EUR and volume of securities accounts 30 bn EUR.

In Germany Cortal Consors is a key player in online banking and brokerage services. Cortal Consors serves 790,000 private clients and employs nearly 800 people on a full-time-basis.

In Germany, BNP Paribas already covers a broad range of client segments from retail to corporate and institutional with 12 business lines and 4,000 employees. Germany is a key market for BNP Paribas' expansion in Europe, committing additional means and workforce with strong growth targets in terms of revenues.

The planned acquisition of DAB is fully in line with BNP Paribas' 2014-2016 Business Development Plan. This is a new step in BNP Paribas' growth on the European scene. It reaffirms its ambitions as an innovative bank, keeping its clients at the heart of all its undertakings and getting more involved in digital and mobile banking field. This transaction will allow BNP Paribas to substantially enhance its recognition among private clients in Germany. BNP Paribas will manage this business from Nuremberg and Munich. This acquisition also provides a foundation for developing the Group's Retail business in Austria.

"DAB bank and Cortal Consors are pioneers in digital brokerage and banking in Germany, both with 20 years of experience. This operation is very positive for the clients of Cortal Consors and DAB Bank, which will benefit from the combined expertise of both companies," says Kai Friedrich, CEO Cortal Consors Germany and coordinator of the BNP Paribas Retail activities in Germany.

And Camille Fohl, Head of BNP Paribas Germany and Chairman of the Management Board in Germany states: "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."

François Villeroy de Galhau, COO of BNP Paribas and Head of Domestic Markets, concludes: "We are very proud and happy to welcome DAB Bank AG's teams and clients to the BNP Paribas family. 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."

Source: GfK