ECB grants regulatory approval for Degussa Bank transaction

OLB will soon become the new owner of Degussa Bank. Yesterday, the supervisory authorities gave their regulatory approval for the takeover of Degussa Bank. Preparations are now underway for the closing of the transaction, which is expected to be completed on 30 April 2024. "We are very pleased about the regulatory approval," says OLB CEO Stefan Barth, "the acquisition of Degussa Bank will make a significant contribution to strengthening our nationwide market presence and continuing our successful course."

Following the closing, OLB intends to complete the legal and technical migration of Degussa Bank during the second half of 2024 and transfer Degussa Bank customers to the OLB systems. "We look forward to offering our services to around 300,000 Degussa Bank customers in the future. Our goal and aspiration is to implement the migration smoothly for Degussa Bank customers," says Stefan Barth. OLB is preparing intensively for this.

With the migration of Degussa Bank, OLB will exceed the threshold of EUR 30 billion in total assets. This means that OLB will be considered a "significant institution" according to the criteria of the Single Supervisory Mechanism and will therefore be subject to direct supervision by the European Central Bank.