FinTech Group AG / Key word(s): Joint Venture/Capital Increase
Disclosure of an inside information according to Article 17 MAR of the Regulation (EU)
FinTech Group AG and Österreichische Post Aktiengesellschaft 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
- Issue of 1,225,761 new shares out of the authorised capital under exclusion of subscription rights in the total amount of around EUR 35 million
The joint venture is going to sign a contract of cooperation with Österreichische Post Aktiengesellschaft for the use of 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.
To underpin this strategic cooperation Österreichische Post Aktiengesellschaft participates in a cash capital increase out of the authorised capital of FinTech Group AG of 7 % and will get a seat on the Supervisory Board of the company.
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).
FinTech Group AG
Tel. +49 69 450001 1701
|Company:||FinTech Group AG|
|60327 Frankfurt / Main|
|Phone:||+49 (0) 69 450001 041|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|