Augsburger Aktienbank (AAB) acquires Hamburger Netbank AG (netbank) and thereby extends its business so far strongly focused on B2B now to the B2C competencies of a direct bank. Luther Rechtsanwaltsgesellschaft mbH has advised the acquirer on this transaction.
The former owners of netbank sell and transfer 100 percent of the shares to AAB. The parties agreed to keep the purchase price confidential. The transaction is still subject to the approval of the responsible authorities, i. e. in particular BaFin, the German Federal Financial Supervisory Authority.
About Augsburger Aktienbank AG
Founded in 1963, ABB is regarded as a pioneer in the field of offering services remotely and is one of the first direct banks in Germany. As a mid-sized financial institution, ABB now focuses primarily on the B2B business with investment brokers, asset managers and institutional customers. For several decades ABB has been on a successful course for growth with its strategic B2B business model. Since 2002 it has been a 100% subsidiary of the insurance company LVM.
netbank AG was founded in 1998 as a pure online bank. It acts as an internet bank focusing on private clients (B2C approach) and offers traditional bank products such as current accounts, fixed deposit accounts and instant access savings accounts as well as consumer credits.
On behalf of Augsburger Aktienbank AG
Luther Rechtsanwaltsgesellschaft, Mergers & Acquisitions: Dr Andreas Kloyer (Lead Partner), Annette Schüller (both Munich), Dr Manuela Köck (Stuttgart)
Luther Rechtsanwaltsgesellschaft, Employment Law: Christian Dworschak (Partner, Munich)
Luther Rechtsanwaltsgesellschaft, IP/IT: Jens Bernhard (Munich)
Luther Rechtsanwaltsgesellschaft, Antitrust Law: Dr Thomas Kapp (Partner), Karin Hummel (both Stuttgart)
Luther Rechtsanwaltsgesellschaft, Banking and Capital Markets: Dr Thomas Koch (Partner), Dr Johannes C. Becker (both Cologne), Dr Rolf Kobabe (Partner, Hamburg)
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