DVB Bank SE
DVB Bank SE and Volkswagen Financial Services AG conclude agreement on the purchase of LogPay Financial Services GmbH (news with additional features)
DGAP-News: DVB Bank SE / Key word(s): Disposal Press release DVB Bank SE and Volkswagen Financial Services AG conclude agreement on the purchase of LogPay Financial Services GmbH Frankfurt/Main, 27 February 2019 – DVB Bank SE (DVB) and Volkswagen Financial Services AG (VWFS) yesterday entered into a purchase agreement for 100% of the shares in LogPay Financial Services GmbH (LPFS). Established as a subsidiary of DVB in 2001 and domiciled in Eschborn, Germany, LPFS is a licensed payment institute according to the German Payment Services Act. The LPFS business model includes, amongst others, the purchase of receivables from the use of toll roads, from fuel purchases, from the mobility market, from the transport of goods (freight receivables business) and from e-commerce. In 2017, VWFS had already acquired from DVB a majority stake in LogPay Transport Services GmbH – at that time a wholly-owned LPFS subsidiary which settles fuel and toll payments across Europe. Ralf Bedranowsky, CEO and Chairman of DVB Bank SE’s Board of Managing Directors, commented on the transaction: “The signing of the purchase agreement has brought negotiations between Volkswagen Financial Services and DVB Bank to a successful conclusion. For LogPay Financial Services, its clients, employees, owners and business partners, this paves the way for sustainably profitable strategic growth.” Closing of the agreement is subject to the approval of antitrust authorities. The parties have agreed not to disclose the terms of the sale.
Contact for this press release:
About Volkswagen Financial Services AG: Press contact: Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=WNDCRJWMXP Document title: DVB_Pressrelease_27022019
27.02.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | DVB Bank SE |
Platz der Republik 6 | |
60325 Frankfurt am Main | |
Germany | |
Phone: | 069-97504-329 |
Fax: | 069-97504-850 |
E-mail: | info@dvbbank.com |
Internet: | www.dvbbank.com |
ISIN: | XS1433231377 |
WKN: | A2BPTD |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
End of News | DGAP News Service |