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
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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
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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
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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,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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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
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344281 15.04.2015
DGAP-News: Aareal Bank integrates Corealcredit's operating business (news with additional features)
| Source: EQS Group AG