FinTech Group, which is listed on the Frankfurt Stock Exchange under ticker symbol FLA:GR, has launched a strategic partnership with Obotritia Capital KGaA and its General Partner, Rolf Elgeti. As part of the agreement announced today, Obotritia Capital has acquired Aktionärsbank from FinTech Group.
The divestment of Aktionärsbank is the final step in the reorganisation of the group.
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Based on Aktionärsbank’s full-service banking licence, Obotritia Capital will kick off its 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.
Commenting on the new agreement, Frank Niehage, CEO of FinTech Group, said: “We are very pleased with this strategic partnership. The transaction 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”.
He added: “The divestment of our subsidiary Aktionärsbank is also the final step of the reorganisation of our group which started with the takeover of XCOM AG and biw AG in 2015.”
The divestment of Aktionärsbank marks the completion of a one year concentration process in which FinTech Group reduced the number of its banking licences from four to one. In June 2015, FinTech Group licensed its CFD operations to Commerzbank AG. It also allowed its online brokerage unit flatex to use the full-service banking licence of Bank biw AG, which now serves as the backbone for all banking operations within FinTech Group.
According to FinTech Group, the strategic partnership has resulted in significant cost reductions as well as creating the opportunity to maximise operational synergies.