Société Générale Acquires 75% Stake In Hanseatic Bank

Socit Gnrale had acquired a 75% stake in Hanseatic Bank and signed long term cooperation agreement with Otto Grooup. Per terms of the agreement, Socit Gnrale will pay 190 million euros for the stake in Otto subsidiary Hanseatic Bank. Otto

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Socit Gnrale had acquired a 75% stake in Hanseatic Bank and signed long-term cooperation agreement with Otto Grooup.

Per terms of the agreement, Socit Gnrale will pay 190 million euros for the stake in Otto subsidiary Hanseatic Bank. Otto will retain a 25% ownership stake in Hanseatic Bank.

The transaction also includes a 30-year cooperation agreement between Socit Gnrale and Otto as exclusive partners for the sales financing of the mail order business of Otto and Schwab in Germany.

Philippe Citerne, Chief Executive Officer of the Socit Gnrale Group, said: “Following the acquisition of a majority stake in Hanseatic Bank, Socit Gnrale will bolster its consumer finance operations in Germany and build on the long-term exclusive agreement with Otto and Schwab to develop joint business opportunities.”

Dr. Michael Otto, Chairman of the Executive Board of the Otto Group, said: “Private customer business in banking has a great future. Growth in this sector, beyond the scope already covered by the Hanseatic Bank, requires expanding business by adding new financial services and broadening our clientele base. This is why we are very pleased to have found in Socit Gnrale a strategic partner, who is outstandingly suited to achieve this. We are moreover thus creating an optimum range of financial services for our mail-order customers at Otto and Schwab.”

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