New Shareholder Structure of NetBank AG
Landesbank Berlin signs agreement for strategic takeover
Landesbank Berlin AG (LBB) has acquired a strategic majority interest, retroactive to 1 January 2007, with a 75 percent minus 1 share in NetBank AG, Hamburg. Besides LBB, Sparda Bank Baden-Württemberg, Hamburg, Nürnberg, Südwest and West also hold an interest. On the basis of a long-term production service agreement, Sparda-Bank Hamburg also operates the back office in the liabilities and service division as outsourcer for NetBank AG.
"After being incorporated and established on the market, NetBank is now entering the expansion phase. Within the next few years, LBB will supply NetBank with new customers," says founding CEO and current chairman of the supervisory board of NetBank AG, Dr. Heinz Wings. "As a market leader in the credit card business, LBB is a preferred strategic partner which can and will offer NetBank a stable basis for interesting new business models. We are certain that it will prove to be farsighted that this strategic partnership extends across the column boundaries of the German credit industry. And it will also be exciting. Therefore, the transaction will be interesting in equal measure for the shareholders, the executives and the employees," Wings said.
The participating Sparda banks have been advised by Dietmar Lange - Deloitte Corporate Finance - on the transaction, the details of which the contract parties have agreed to keep confidential. The execution of the transaction process is still subject to the approval of the Federal Cartel Office.
NetBank AG has been on the market since 15 April 1999, and is therefore Europe's first full-service bank to operate as an independent provider of financial services exclusively over the Internet. Its successful business model has been confirmed by many industry prizes and awards. NetBank's product range includes banking and investment services as well as banking-related products such as insurance or construction financing. It handles around 80,000 customers with a balance sheet volume of more than a half billion eurosThis email address is being protected from spam bots, you need Javascript enabled to view it.