Flatex CEO Frank Niehage also received a regulatory approval and will now join the supervisory board of DeGiro.
Frank Niehage, CEO of flatex AG commented:
When we signed the transaction, DEGIRO had less than 500k customers. We are now closing the transaction with 250k additional new clients at no additional costs and are becoming the first and largest pan-European online broker. The project to provide cash for DEGIRO clients’ accounts at flatex bank is already fully under way. We expect almost all EUR assets to be moved to flatex Bank by the end of Q3 2020. I am looking very much forward to working closely with my DEGIRO supervisory board colleagues on the future success of our European brokerage franchise.
Muhamad Chahrour, CFO of flatex AG added:
The first half of the year was exceptionally strong with elevated levels of volatility driving trading behavior and a strong growth in number of new clients – a trend fully extending into July. Providing proper cash accounts for DEGIRO clients with flatex Bank will further fuel client growth and will give DEGIRO clients for the first time ever access to a statutory deposit insurance scheme of a Eurozone bank. We are very confident on the EUR 30 million in annual synergies, first synergies will be leveraged in the second half of 2020.
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