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Aragon AG signs contract to sell its shares in biw Bank für Investments und Wertpapiere AG to its coshareholder XCOM Finanz GmbHWiesbaden, )
- Aragon AG signs contract to sell its shares in biw Bank für Investments und Wertpapiere AG to its co-shareholder XCOM Finanz GmbH
- Aragon to receive cash funds in double-digit million range
- Strategic focusing upheld at Aragon AG
Aragon AG, one of the leading financial services companies in German-speaking countries, has signed a contract to sell 62 percent of the share capital in biw Bank für Investments und Wertpapiere AG, Willich, (biw) to its existing co-shareholder XCOM Finanz GmbH, Willich, (XCOM). In advance of this deal, Aragon signed a contract with AXA Krankenversicherung AG (AXA) to take over 15 percent of the shares in biw. These shares have now been sold as a package to XCOM. All of the respective contractual agreements are subject to conditions precedent expected to be fulfilled no later than the first quarter of next year.
biw was founded in 2005 as a spin-off from XCOM Bank AG by its shareholders Aragon and XCOM. biw can look back on a unique success story over the six years since its foundation. The company already posted positive earnings for its first full financial year, while its customer assets exceeded the one billion euro mark in September 2007. In March 2010, biw welcomed its 100,000th customer. In the third quarter of 2011, biw handled around 1.5 million transactions and could boast around 160,000 account holders in total with deposit and investment volumes of Euro 3.5 billion - figures which are very close to the market leaders comdirect and DAB.
Comments Ralph Konrad, COO of Aragon AG and Deputy Supervisory Board Chairman of biw, with regard to the planned transaction: 'The sale of the shares in biw to XCOM, which will in future own 100% of biw, follows the focussed strategy of Aragon. Aragon will concentrate even more closely on its core investments in future, and thus on financial advisory services and sale. Irrespective of this, we are very proud to have been able to build up biw from its inception through to the present time. We are convinced, biw will - given the new shareholder structure - proceed the success story in the future.'
Upon completion of the transaction, Aragon will receive cash funds in a double-digit million range, part of which will be used to prematurely repay non-current liabilities. The parties have agreed to maintain confidentiality concerning the exact purchase price.
Aragon's key operating figures will not be affected by the sale of the biw shares and resultant discontinuation of the Banking division.
Aragon AG plans to publish its results for the third quarter and first nine months of the 2011 financial year on 30 November 2011.
About biw Bank für Investments und Wertpapiere AG
biw Bank für Investments und Wertpapiere AG is high-tech bank offering innovative services. As a product and process service provider, it offers extensive white-label services and technical banking expertise to other organisations (e.g. financial services providers and intermediaries). biw does not maintain direct links to its end customers, but leaves the management and supervision of customer relationships to its partners. This enables its partners to offer a whole range of banking services. biw guarantees the availability of proven, up-to-date banking technology, compliance with all regulatory requirements and membership in the usual organisations for the German banking sector.
About XCOM AG /XCOM Finanz GmbH
The XCOM AG Group specialises in IT management and system development and implementation at banks and financial services providers in Germany and other European countries. XCOM is longstanding leading provider of e-banking, e-commerce and e-business solutions. In its development and consistent monitoring of forward-looking, efficient solutions, the company focuses on its role as a full-service provider for insourcing business processes and handling bank transactions. Well over 200 banks and financial services providers, including all major German commercial banks and numerous regional and specialist institutions, have worked with XCOM, mostly for many years, and are convinced by the Group's performance and competence. XCOM operates from its headquarters in Willich near Düsseldorf and from 6 other locations in Germany. XCOM Finanz GmbH is a wholly-owned subsidiary of XCOM AG.
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