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A few days before his summer vacation, CEO Arno Walter streamlines the online bank Comdirect. The institute sells its Ebase subsidiary, which provides investment solutions for other banks and insurance companies, for 151 million euros to the British financial technology firm FNZ . With this agreement, the Quickborn Institute responds to the request of its critical shareholder Petrus Advisers. He had already called for the sale of Ebase in September 2017.
"We think it's good that they went out to sell the company," said Tuesday the director Petrus Till Hufnagel in an interview with Handelsblatt. The case was a step in the right direction, although Peter was expecting a slightly higher selling price. "We hope that the focus on core business is now reflected in making it more profitable," said Hufnagel. The costs of Comdirect are still too high.
The CEO of Comdirect, Walter, who has so far shown his cold to Peter, contradicts the impression that Ebase has been hit by the pressure of the investor. "The sale does not meet the demand of Petrus Advisers," said Walter Handelsblatt. "The future strategic role of Ebase has been regularly re-evaluated within the Management Board – it is a normal process." At the end of last year, management decided to boost sales for two reasons. "The market environment for such a transaction was very good. And we grow so fast in our core business that we can use wisely additional funds from a sale. "
Peter criticized, among other things, the comparatively low growth rates of Ebase and the weak synergies with Comdirect. Walter showed that he evaluated these points in the same way as the investor. "Ebase growth rates are not as high as in Comdirect's core business," said the CEO. "The Ebase business model is different and the synergies between the two companies are equally manageable."
Walter wants to accelerate growth
The European Bank for Financial Services (Ebase) is based in Aschheim near Munich and employs 265 people. Currently, he manages client assets of 31 billion euros. Comdirect acquired Ebase in 2009 for 24.9 million euros from the former Commerz Asset Management Holding. According to Walter, the business has been continuously developed in recent years. "With the sale to the FNZ group, Ebase will continue this successful journey."
The sale allows Comdirect to benefit from an exceptional pre – tax income of at least 85 million euros. Part of the income must be invested directly in the core business. In the current year, the bank wants to spend up to 30 million euros for new products, technology and marketing campaigns. "With the revenues, we want to accelerate the growth of Comdirect again," said Walter.
The parent company Commerzbank, which owns 82% of Comdirect, would also like to hear that. In the autumn of 2016, Germany's second private bank set itself the goal of earning two million new private customers by 2020. Comdirect is expected to make a significant contribution to this problem .
Several authorities still have to approve the sale of Ebase. Comdirect plans to complete the transaction by the end of the year. "We currently do not see any need for further adjustment at Comdirect," says Walter.
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