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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has signed an agreement to acquire norisbank, currently a part of DZ Bank Group. Deutsche Bank will purchase the business conducted under the "norisbank" brand with 334,000 clients, a loan book of EUR 1.4 billion, deposits of EUR 1.6 billion and 98 branches in 58 cities for a preliminary consideration of EUR 420 million.
The acquisition is subject to approval by the relevant regulatory and anti-trust authorities and is expected to be closed in the fourth quarter of 2006. For the purpose of the sale, norisbank's client portfolio, its branches and the right to use the "norisbank" brand were hived off into a legally independent company which will be acquired by Deutsche Bank.
norisbank's employees and its infrastructure systems will remain with DZ Bank Group. In order to ensure a smooth client transition part of the existing norisbank staff and the infrastructure will be available to Deutsche Bank during a transitional phase. In addition, Deutsche Bank will staff the branches with its own employees and prepare the migration of the existing infrastructure to its own systems.
With the acquisition of norisbank, Deutsche Bank is reinforcing its strong position in the German consumer finance market. Deutsche Bank will use the established "norisbank" brand as a first-class platform to develop new client segments for the Group and to enhance its consumer finance business.
Dr. Josef Ackermann, Chairman of the Management Board of Deutsche Bank, said: "Our private client business is an important revenue pillar in Deutsche Bank Group. With the acquisition of norisbank, we are further strengthening our leading position in our home market. This transaction underscores our readiness to make acquisitions in the highly competitive German market if they match with our overall strategic concept."
Rainer Neske, responsible for Private & Business Clients on Deutsche Bank's Group Executive Committee, added: "After the acquisition of Berliner Bank, the purchase of norisbank is another important step in the growth strategy for our business with private clients in Germany. Consumer finance is one of our areas of growth in which we want to accelerate the pace of expansion."