01.03.2017
FinTech Group AG DE000FTG1111
DGAP-News: FinTech Group AG increases efficiency through significantly leaner set-up
DGAP-News: FinTech Group AG / Key word(s): Mergers & Acquisitions/Letter of
Intent
FinTech Group AG increases efficiency through significantly leaner set-up
01.03.2017 / 08:15
The issuer is solely responsible for the content of this announcement.
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FinTech Group AG increases efficiency through significantly leaner set-up
- FinTech Group plans to leverage further synergies by merging its five
operating companies (FinTech Group AG, flatex GmbH, biw AG, XCOM AG, and
ViTrade GmbH) into just two companies over the coming months
- Online broker flatex and ViTrade to be merged into biw AG, with the new
entity rebranded as FinTech Group Bank AG - the strong brands flatex and
ViTrade will be retained
- IT-systems provider XCOM AG to be merged into FinTech Group AG
- Significant reduction of annual operating expenses expected
- Management considers to raise its 2017 guidance upon the publication of
the annual financial report 2016 by April at the latest
Frankfurt am Main, Germany - FinTech Group AG (German WKN: FTG111, ISIN:
DE000FTG1111, Ticker: FTK.GR) creates further synergies as it plans to
merge its current five affiliated companies into two: a financial services
entity and a tech entity. This will result in a reduction of annual
operating expenses in the order of a seven-digit euro sum. In this context,
management considers to raise its 2017 guidance when figures for the
financial year 2016 are published by April at the latest.
"This increase in efficiency is a logical step following the successful
integration of XCOM AG and biw AG in 2015. Each year, the measures will
contribute significant operating cost savings to the bottom line and, in
the coming months, they will help us to become leaner and more agile,"
explains Frank Niehage, CEO of FinTech Group AG. "In addition, we keep
increasing transparency for our investors, business partners and staff. In
the future, the mergers will ensure a clearer presentation of income and
cost positions in the group's segments."
The high potential savings in operating expenses result primarily from
reduced audit and consulting fees (only 2 instead of 5 financial statements
in future) and from lower regulatory and supervisory costs. Furthermore,
expenses for supervisory board members, general meetings and insurance will
be reduced.
The new financial entity:
Renowned online broker flatex and ViTrade, the broker for professional
traders, will be merged into Bank biw AG. The new full-service bank will be
rebranded into "FinTech Group Bank AG". What belongs together comes
together: biw AG already provides all account services, regulatory duties,
its liability umbrella, and the core banking system for flatex and ViTrade.
flatex and ViTrade retain their strong brands.
The new tech entity:
XCOM AG, the IT systems provider, will be merged into FinTech Group AG.
This will pool technological expertise, which will consequently strengthen
the work for existing customers with long-term contracts, the acquisition
of new mandates, and the innovative power of the company. The group's IT
experts are among the fastest and most skilled in the entire industry.
About FinTech Group AG
FinTech Group AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) is a
modern smart bank: We offer innovative financial technology, our own core
banking system, and a regulatory liability umbrella.
Our cash cow is retail broker flatex which, through our advanced
technology, can offer top-quality service at an affordable price. This
makes flatex the fastest growing trading platform in Europe.
Our smart technology is easy to scale, so we also successfully offer it to
B2B customers. We provide vital services for many well-known institutions
and even state infrastructure. We help start-ups and disruptive business
ideas that require a banking license to rapidly become a success through
our white label banking.
In a time of bank consolidation, low interest rates, and digitization we
are ideally positioned for further growth.
Our goal is to become Europe's leading provider of financial technology.
Disclaimer
This release may contain forward-looking statements and information, which
may be identified by formulations using terms such as "expects", "aims",
"anticipates", "intends", "plans", "believes", "seeks", "estimates" or
"will". Such forward-looking statements are based on our current
expectations and certain assumptions, which may be subject to variety of
risks and uncertainties. The results actually achieved by FinTech Group AG
may substantially differ from these forward-looking statements. FinTech
Group assumes no obligation to update these forward-looking statements or
to correct them in case of developments, which differ from those
anticipated.
Contact:
Roman Kessler
[email protected]
Head of Communications
FinTech Group AG
Rotfeder-Ring 5
D-60327 Frankfurt/Main
+49 (0) 69 450001 041
[email protected]
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01.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: FinTech Group AG
Rotfeder-Ring 5
60327 Frankfurt am Main
Germany
Phone: +49 (0) 69 450001 041
E-mail: [email protected]
Internet: www.fintechgroup.com
ISIN: DE000FTG1111, DE0005249601
WKN: FTG111
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange; Open
Market (Basic Board) in Frankfurt
End of News DGAP News Service
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