DAB bank AG to sell its FondsServiceBank division to Fondsdepot Bank
Munich, May 13, 2009.
The Management Board and Supervisory Board of DAB bank AG (ISIN DE0005072300) have resolved to sell the FondsServiceBank (FSB) division to Fondsdepot Bank, Hof. The economic consideration for this transaction is €21.4 million. The sale is pending, subject to the approval of the cartel authority. The economic transfer is planned for the second quarter of 2010, at the latest.
DAB bank expects that the sale will boost its profitability by more than one million euros per year and improve its cost-income ratio by about three percentage points. Furthermore, a positive non-recurring effect of approximately €4 million will be recognized. The sale will also have the effect of significantly simplifying and streamlining the business processes of DAB bank.
At March 31, 2009, DAB bank AG administered 1,088,481 securities accounts comprising customer assets of €22.55 billion. Of these totals, FSB accounted for 458,201 securities accounts comprising customer assets of €3.50 billion.