DGAP-News: Aareal Bank AG / Key word(s): Mergers & Acquisitions Aareal Bank integrates Corealcredit's operating business (news with additional features) 15.04.2015 / 10:30 --------------------------------------------------------------------- Aareal Bank integrates Corealcredit's operating business - Subsidiary's banking operations to be converted into a branch of Aareal Bank - two-year guarantee agreed for the Frankfurt branch Wiesbaden, 15 April 2015 - Aareal Bank will integrate the banking operations of COREALCREDIT BANK AG (Corealcredit) into the parent entity, just over one year after the acquisition by Aareal Bank Group. The Management Boards of both institutions have resolved a corresponding plan, which is still subject to approval by the respective governing bodies. From a legal perspective, the plan is to achieve integration through splitting off Corealcredit's operative banking business, and merging it into Aareal Bank AG. Corealcredit's Frankfurt office will then turn into Aareal Bank's new Frankfurt branch. Following this split-of, Corealcredit will turn into a subsidiary with no operative activities. Completion of the split-of process is scheduled for the end of the first half of 2015, following entry into the Commercial Register and the transfer of operations. Irrespective of the now-resolved integration under company law, which will not trigger any additional reduction in workforce at Corealcredit, the Management Board and employee representatives have agreed upon an additional reconciliation of interests. This reconciliation of interests will regulate the impact on the staffing situation - especially through the integration of IT systems, which is already in progress, as well as due to the marked decline in business volumes at Corealcredit, which focuses on the highly competitive German market. Following the implementation of the associated organisational changes, around half of the current approximately just under 120 jobs are set to remain at Aareal Bank's new Frankfurt branch. As part of this reconciliation of interests, which will come into force following the split-of of operations now decided upon, the continued existence of the Frankfurt branch has been guaranteed until 31 March 2017. Contact: Aareal Bank AG Corporate Communications Sven Korndörffer Tel.: +49 611 348 2306 sven.korndoerffer@aareal-bank.com Christian Feldbrügge Tel.: +49 611 348 2280 christian.feldbruegge@aareal-bank.com Heinrich Frömsdorf Tel.: +49 611 348 2061 heinrich.froemsdorf@aareal-bank.com Alessandro Schwarz Tel.: +49 611 348 2923 alessandro.schwarz@aareal-bank.com ------------------------------------ Aareal Bank AG, Registered Office: Wiesbaden Commercial Register: Amtsgericht Wiesbaden HRB 13184 Chairman of the Supervisory Board: Marija G. Korsch Management Board: Dr. Wolf Schumacher (Chairman), Hermann J. Merkens (Deputy Chairman), Dagmar Knopek, Thomas Ortmanns +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=WSKTOQTJDR Document title: 20150415_Press Release.pdf --------------------------------------------------------------------- 15.04.2015 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Aareal Bank AG Paulinenstr.15 65189 Wiesbaden Germany Phone: +49 (0)611 348 - 0 Fax: +49 (0)611 348 - 2332 E-mail: aareal@aareal-bank.com Internet: www.aareal-bank.com ISIN: DE0005408116 WKN: 540811 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart; Stockholm End of News DGAP News-Service --------------------------------------------------------------------- 344281 15.04.2015
DGAP-News: Aareal Bank integrates Corealcredit's operating business (news with additional features)
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