WEST PALM BEACH, Fla., Oct. 4, 2004 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) announced today that it had acquired Bankhaus Oswald Kruber KG ("BOK") on September 30, 2004 for approximately 7.25 million euros. BOK holds a universal banking license issued by the German Federal Financial Supervisory Agency and is a member of the German Deposit Protection Fund and the Association of Private German Banks. BOK, which is headquartered in Berlin with a branch office in Frankfurt, was established in 1924.
Marcus Kruber, Managing Director of BOK, said: "We are excited to join the Ocwen family of companies. We look forward to combining our experience in the German banking and mortgage markets with Ocwen's experience in mortgage servicing."
Ocwen Financial Corporation (NYSE:OCN) is a diversified financial services holding company with headquarters in West Palm Beach, Florida, and a presence in Canada, China, Germany, India, Japan and Taiwan. Ocwen Financial Corporation is engaged in a variety of businesses related to residential and commercial mortgage servicing, real estate asset management, asset recovery, global outsourcing, and the marketing and sales of technology solutions to third parties. Ocwen Financial Corporation is a global leader in customer service excellence as a result of our company-wide commitment to quality, integrity and accountability. Additional information about Ocwen Financial Corporation is available at www.ocwen.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding our intended closing of the common stock repurchase transactions described above and the related offering of contingent convertible senior unsecured notes. Important factors that could cause actual outcomes to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: failure to close the common stock repurchase transactions and the related offering of contingent convertible senior unsecured notes, as well as other factors detailed in OCN's reports and filings with the Securities and Exchange Commission, including its periodic report on Form 10-K for the year ended December 31, 2003. The forward-looking statements speak only as of the date they are made and should not be relied upon. OCN undertakes no obligation to update or revise the forward-looking statements.