DGAP-News: FinTech Group AG / Key word(s): Joint Venture/Capital Increase
FinTech Group and Österreichische Post establish a 50/50 joint venture to provide banking services in Austria

11.09.2018 / 07:24
The issuer is solely responsible for the content of this announcement.


Corporate News / Frankfurt am Main, 09/11/2018

FinTech Group and Österreichische Post establish a 50/50 joint venture
to provide banking services in Austria

Formation of a 50/50 joint venture according to Austrian law to provide banking services in Austria subject to the approval of the relevant supervisory authorities

Contribution in kind of the profitable Austrian branch of FinTech Group Bank AG, including the approximately 30,000 customers of the Austrian brand flatex into the new joint venture subject to the approval of the relevant supervisory authorities

IT revenues for FinTech Group AG exceeding EUR 100 million guaranteed

Österreichische Post Aktiengesellschaft participates in a cash capital increase out of the authorised capital of FinTech Group AG (of around EUR 35 million) representing a shareholding of 7 %


Frankfurt/Main / Vienna, September 11, 2018 - FinTech Group AG (ISIN: DE00FTG1111, German securities code: FTG111, ticker symbol: FTK.GR) decided to enter into a long-term cooperation with Österreichische Post Aktiengesellschaft (ISIN: AT0000APOST4, ticker symbol: POST.AV). It is intended to establish a 50/50 joint venture according to Austrian law. Upon the issuance of a banking licence this joint venture will provide banking services in Austria. Within the scope of its five-year business plan the company will be capitalised with equity exceeding EUR 200 million.

"The joint venture with Österreichische Post is the perfect fit, to create and to build the most innovative and successful hybrid bank in the DACH region. This pioneering bank will be the blue print for future business models. It addresses one of the key socio-political question of this century - how financial services will evolve in the light of continuing digitalisation", emphasized FinTech Group CEO Frank Niehage, the importance of this game-changing cooperation.

The joint venture is going to sign a contract of cooperation with Österreichische Post Aktiengesellschaft for the use of their 433 post office branches as well as 1,351 postal partners. Furthermore the joint venture is also going to sign a long-term IT cooperation agreement with FinTech Group AG. The total value of the 10-year IT cooperation contract exceeds EUR 100 million in revenues for FinTech Group AG.

Contribution in kind of the profitable Austrian branch of FinTech Group Bank AG, subject to the approval of the relevant supervisory authorities. The inclusion of the approximately 30,000 customers of the Austrian brand flatex into the new joint venture will form the nucleus of the new to be build hybrid bank.

"With its unique brand core, its innovative services and area-wide direct access to customers Österreichische Post is the perfect partner for efficient and fast customer acquisition. We are glad to welcome a strategic partner and shareholder for our B2B business and we are looking forward to build an innovative, sustainable and customer-oriented hybrid bank including cost-effective branch presence throughout Austria", underscored FinTech Group CFO Muhamad Chahrour, the challenging opportunity to create something innovative and completely new.

To underpin this strategic cooperation Österreichische Post Aktiengesellschaft takes a shareholding of 7 % in FinTech Group AG. For such purpose FinTech Group AG decided to issue a cash capital increase out of the authorised capital 2018. The company is going to issue 1,225,761 new shares under exclusion of subscription rights in the total amount of around EUR 35 million. The new shares will be traded at the Open Market segment of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

Furthermore Österreichische Post Aktiengesellschaft will get a seat on the Supervisory Board of FinTech Group AG.

About FinTech Group AG

FinTech Group AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) owns a modern smart bank, that offers innovative financial technology, an own core banking system and a regulatory liability umbrella.

The online broker flatex is the cash cow and offers an advanced, in-house technology service at low cost. This makes flatex the fastest growing trading platform in Europe.

This smart technology scales easily, which is why it is offered successfully to B2B customers. Many well-known institutes as well as the state infrastructure use these vital services. It helps startups and business models who need a banking licence through this model of white label banking to achieve rapid success.

As a provider of smart banking solutions, despite bank consolidation, low interest rates and digitization, FinTech Group AG is ideally positioned for further growth and well on its way to becoming Europe's leading provider of financial technology.

 

Disclaimer

This release may contain forward-looking statements and information that use words such as 'expect', 'want', 'anticipate', 'intend', 'plan', 'believe', 'seek', 'estimate', 'will' or similar Terms are recognizable. Such forward-looking statements are based on our current expectations and assumptions that may involve a number of risks and uncertainties. The actual results achieved by FinTech Group AG may differ significantly from the statements in the forward-looking statements. FinTech Group AG undertakes no obligation to update these forward-looking statements or to correct them in any other than expected development.




Contact:
Jörg Peters
IR & Presse
FinTech Group AG
Rotfeder-Ring 5
D-60327 Frankfurt/Main
+49 (0) 69 450001 1701
joerg.peters.ext@fintechgroup.com


11.09.2018 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.

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Language: English
Company: FinTech Group AG
Rotfeder-Ring 5
60327 Frankfurt / Main
Germany
Phone: +49 (0) 69 450001 041
E-mail: ir@fintechgroup.com
Internet: www.fintechgroup.com
ISIN: DE000FTG1111, DE0005249601
WKN: FTG111
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange

 
End of News DGAP News Service

722235  11.09.2018 

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