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30.04.2024 17:31:19 - dpa-AFX: EQS-News: OLB successfully completes acquisition of Degussa Bank (english)
OLB successfully completes acquisition of Degussa Bank
EQS-News: Oldenburgische Landesbank AG / Key word(s): Mergers & Acquisitions
OLB successfully completes acquisition of Degussa Bank
30.04.2024 / 17:31 CET/CEST
The issuer is solely responsible for the content of this announcement.
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CORPORATE NEWS
Oldenburg, 30 April 2024
OLB successfully completes acquisition of Degussa Bank
* Strategic merger strengthens position in German banking market
* OLB to serve around one million customers nationwide in future
* Dr Rainer Polster new Chairman of the Supervisory Board of Degussa Bank
With today's closing, Oldenburgische Landesbank AG ("OLB" or "Bank") became
the new owner of Degussa Bank AG. With this strategic step, OLB is
strengthening its position in the German market and is also becoming a
significant player in the European banking sector. "With the acquisition of
Degussa Bank, we are emphasizing our successful growth path and reaching a
meaningful size to further develop solidly and sustainably. We are very
confident that we will continuously improve our good position in the highly
competitive banking market", said Stefan Barth, CEO of OLB.
Degussa Bank contributes around 311,000 retail customers, most of whom in
Germany located in geographically complementary regions to OLB's customers.
Conclusively, OLB will serve almost one million customers in the future. In
addition, the transaction enables significant synergies and integration
benefits. Due to the strong focus on cost efficiency and the stringent
identification of synergy potentials in personnel, IT, and marketing
expenses, OLB expects to realise cost savings of around EUR 50 million (m)
shortly after the migration of Degussa Bank. With the acquired deposit
portfolio of more than EUR 5 billion in granular sight and term deposits
primarily from the retail business and an unutilized cover pool potential of
about EUR 500 million, OLB's refinancing base will be strengthened at the
same time.
OLB intends to conclude the technical and legal migration on 30 August 2024
and to merge Degussa Bank into OLB with retroactive effect from 1 January
2024.
"Despite the very good equity base following the sale of Industria, the
Management Board was no longer able to capitalise on the market
opportunities resulting from the sale of Degussa Bank. We are now looking to
the future. Both sides will benefit from the merger and grow together to
form a new, stronger unit", says Michael Krupp, CEO of Degussa Bank.
As is usual in the case of takeovers, a new Supervisory Board was elected at
today's Annual General Meeting of Degussa Bank. The new Chairman of the
Supervisory Board is Dr Rainer Polster, CFO of OLB. In addition, the OLB
elected Chris Eggert, CRO, Jenny Lutz, Head of Strategic Projects and Cost
Management, and Lennart Lattwesen, Chief of Staff, as further members of the
Supervisory Board.
OLB is convinced that the successful integration of Degussa Bank will
increase the bank's competitiveness and simultaneously create long-term
added value for all stakeholders.
About OLB
OLB is a profitable and growing universal bank for private and corporate
customers in Germany and neighbouring European countries. Under its OLB Bank
and Bankhaus Neelmeyer brands, OLB advises its about 665.000 customers in
person and via digital channels in its Private & Business Customers and
Corporates & Diversified Lending segments. The Bank has about EUR 26 bn of
total assets.
Feel free to visit us at www.olb.de and www.neelmeyer.de as well as on
Facebook, Instagram and YouTube.
1. mailto:ccir@olb.de
Disclaimer
This release may contain forward looking statements, estimates, opinions and
projections with respect to anticipated future performance of OLB
("forward-looking statements"). These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes," "estimates," "anticipates," "expects," "intends," "may," "will"
or "should" or, in each case, their negative, or other variations or
comparable terminology. These forward-looking statements include all matters
that are not historical facts. Forward-looking statements are based on the
current views, expectations and assumptions of the management of OLB and
involve significant known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Forward-looking statements should
not be read as guarantees of future performance or results and will not
necessarily be accurate indications of whether or not such results will be
achieved. Any forward-looking statements included herein only speak as at
the date of this release. We undertake no obligation, and do not expect to
publicly update, or publicly revise, any of the information, forward-looking
statements or the conclusions contained herein or to reflect new events or
circumstances or to correct any inaccuracies which may become apparent
subsequent to the date hereof, whether as a result of new information,
future events or otherwise. We accept no liability whatsoever in respect of
the achievement of such forward-looking statements and assumptions.
---------------------------------------------------------------------------
30.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1893365 30.04.2024 CET/CEST
EQS-News: Oldenburgische Landesbank AG / Key word(s): Mergers & Acquisitions
OLB successfully completes acquisition of Degussa Bank
30.04.2024 / 17:31 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
CORPORATE NEWS
Oldenburg, 30 April 2024
OLB successfully completes acquisition of Degussa Bank
* Strategic merger strengthens position in German banking market
* OLB to serve around one million customers nationwide in future
* Dr Rainer Polster new Chairman of the Supervisory Board of Degussa Bank
With today's closing, Oldenburgische Landesbank AG ("OLB" or "Bank") became
the new owner of Degussa Bank AG. With this strategic step, OLB is
strengthening its position in the German market and is also becoming a
significant player in the European banking sector. "With the acquisition of
Degussa Bank, we are emphasizing our successful growth path and reaching a
meaningful size to further develop solidly and sustainably. We are very
confident that we will continuously improve our good position in the highly
competitive banking market", said Stefan Barth, CEO of OLB.
Degussa Bank contributes around 311,000 retail customers, most of whom in
Germany located in geographically complementary regions to OLB's customers.
Conclusively, OLB will serve almost one million customers in the future. In
addition, the transaction enables significant synergies and integration
benefits. Due to the strong focus on cost efficiency and the stringent
identification of synergy potentials in personnel, IT, and marketing
expenses, OLB expects to realise cost savings of around EUR 50 million (m)
shortly after the migration of Degussa Bank. With the acquired deposit
portfolio of more than EUR 5 billion in granular sight and term deposits
primarily from the retail business and an unutilized cover pool potential of
about EUR 500 million, OLB's refinancing base will be strengthened at the
same time.
OLB intends to conclude the technical and legal migration on 30 August 2024
and to merge Degussa Bank into OLB with retroactive effect from 1 January
2024.
"Despite the very good equity base following the sale of Industria, the
Management Board was no longer able to capitalise on the market
opportunities resulting from the sale of Degussa Bank. We are now looking to
the future. Both sides will benefit from the merger and grow together to
form a new, stronger unit", says Michael Krupp, CEO of Degussa Bank.
As is usual in the case of takeovers, a new Supervisory Board was elected at
today's Annual General Meeting of Degussa Bank. The new Chairman of the
Supervisory Board is Dr Rainer Polster, CFO of OLB. In addition, the OLB
elected Chris Eggert, CRO, Jenny Lutz, Head of Strategic Projects and Cost
Management, and Lennart Lattwesen, Chief of Staff, as further members of the
Supervisory Board.
OLB is convinced that the successful integration of Degussa Bank will
increase the bank's competitiveness and simultaneously create long-term
added value for all stakeholders.
About OLB
OLB is a profitable and growing universal bank for private and corporate
customers in Germany and neighbouring European countries. Under its OLB Bank
and Bankhaus Neelmeyer brands, OLB advises its about 665.000 customers in
person and via digital channels in its Private & Business Customers and
Corporates & Diversified Lending segments. The Bank has about EUR 26 bn of
total assets.
Feel free to visit us at www.olb.de and www.neelmeyer.de as well as on
Facebook, Instagram and YouTube.
Contacts: Your contact persons
Oldenburgische Landesbank AG Sandra Büschken
Investor Relations Phone: +49 (0)69 756193-36
Theodor-Heuss-Allee 108 sandra.bueschken@olb.de
60486 Frankfurt am Main
Matthias Obst
Telefon: +49 (0)69 756193-0 Phone: +49 (0)69 756193-44
(1)investor.relations@olb.de matthias.obst@olb.de
1. mailto:investor.relations@olb.de
Oldenburgische Landesbank AG Britta Silchmüller
Corporate Communications Phone: +49 (0)441 221-1213
Stau 15/17 britta.silchmueller@olb.de
26122 Oldenburg
Timo Cyriacks
Telefax +49 (0)441 221-2425 Phone: +49 (0)441 221-1781
(1)ccir@olb.de timo.cyriacks@olb.de
1. mailto:ccir@olb.de
Disclaimer
This release may contain forward looking statements, estimates, opinions and
projections with respect to anticipated future performance of OLB
("forward-looking statements"). These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes," "estimates," "anticipates," "expects," "intends," "may," "will"
or "should" or, in each case, their negative, or other variations or
comparable terminology. These forward-looking statements include all matters
that are not historical facts. Forward-looking statements are based on the
current views, expectations and assumptions of the management of OLB and
involve significant known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Forward-looking statements should
not be read as guarantees of future performance or results and will not
necessarily be accurate indications of whether or not such results will be
achieved. Any forward-looking statements included herein only speak as at
the date of this release. We undertake no obligation, and do not expect to
publicly update, or publicly revise, any of the information, forward-looking
statements or the conclusions contained herein or to reflect new events or
circumstances or to correct any inaccuracies which may become apparent
subsequent to the date hereof, whether as a result of new information,
future events or otherwise. We accept no liability whatsoever in respect of
the achievement of such forward-looking statements and assumptions.
---------------------------------------------------------------------------
30.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: Oldenburgische Landesbank AG
Stau 15-17
26122 Oldenburg
Germany
Phone: 0441 - 221 - 0
E-mail: olb@olb.de
Internet: www.olb.de
EQS News ID: 1893365
End of News EQS News Service
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1893365 30.04.2024 CET/CEST
