JFD Brokers has acquired a majority stake in German bank ACON. The deal includes a 51 percent stake with the potential for the acquisition of another 20 percent in the future. JFD Brokers will take control of a German bank that is headquartered in Munich but also has offices in Frankfurt, London and Berlin.
ACON is offering investment banking, trading, and advisory services. The investment made by JFD is a significant step for the brokerage and portfolio management company. The firm is strategically shifting to another step in its development at a critical time for the retail trading industry.
The acquisition is opening the door to a different level of credibility for JFD Brokers. Prospective clients of the company across the German-speaking part of Europe will be particularly interested in partnering with a company that holds a banking license. The deal should also boost the company’s profile in the Far East, where retail clients are getting cautious about where are they keeping their deposits.
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New Strategic Direction
ACON Bank as established in 2006 and is a Deutsche Börse listing partner. The firm also has established relationships with the Frankfurt Stock Exchange, the Dusseldorf Stock Exchange, the Munich Stock exchange and the Vienna Stock Exchange.
The acquisition is also set to boost JFD’s institutional partnerships. The website of ACON Bank states that the institution has over 500 projects in the German capital market with over 300 customers.
Commenting on the acquisition, the CEO of JFD Brokers, Lars Gottwik, said: “JFD is at the forefront of the trading industry. Within six years of the company’s inception, we feel it’s the right time to create such a synergy.”
“We are excited about this new venture and hope to strengthen the bank’s fields of asset management, capital markets, and brokerage,” Mr. Gottwik added.
The deal is pending regulatory approval and the company will elaborate more on the synergies of the new venture over the coming months.