OLB successfully completes acquisition of Degussa Bank
Strategic merger strengthens position in German banking market
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 widely diversified universal bank with a nationwide presence and more than 150 years of experience in the core region of north-west Germany. Under the OLB and Bankhaus Neelmeyer brands, the Bank advises its approximately 1 million customers in the Private & Business Customers and Corporates & Diversified Lending segments in person and via digital channels. OLB has total assets of more than EUR 30 billion, making it a significant financial institution in Europe.
Feel free to visit us at www.olb.de and www.neelmeyer.de as well as on Facebook, Instagram and YouTube.
Contact
Sandra Büschken
Phone: (+49) 69 756193 36
E-Mail: sandra.bueschken@olb.de
Matthias Obst
Telefon: +49 (0)69 756193 44
E-Mail: matthias.obst@olb.de
Britta Silchmüller
Phone: +49 (0)441 221 1213
E-Mail: britta.silchmueller@olb.de
Timo Cyriacks
Phone: +49 (0)441 221 1781
E-Mail: timo.cyriacks@olb.de
Disclaimer
This information does not contain any offer to acquire or subscribe for securities, nor should it be construed as an invitation to do so. The opinions expressed herein reflect our current assessment, which is subject to change even without prior notification.
The information contained in this presentation includes financial and similar information which is neither audited nor finally reviewed and should be considered preliminary and subject to change. Likewise, this document does not, either in whole or in part, constitute a sales prospectus or any other stock exchange prospectus. The information contained in this document therefore merely provides an overview and should not form the basis of an investor’s potential decision to purchase or sell the securities.
This document has been prepared and published by Oldenburgische Landesbank AG, Oldenburg. The information has been carefully researched and is based on sources deemed to be reliable by Oldenburgische Landesbank AG. However, the information may no longer be up-to-date and may be obsolete by the time you receive this document. Furthermore, it cannot be ensured that the information is correct and complete. Oldenburgische Landesbank AG therefore assumes no liability for the contents of the information.
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