In a strategic move, FinTech Group AG has partnered with Rolf Elgeti and Obotritia Capital KGaA. Aktionärsbank, from FinTech Group AG, has now been procured by Obotritia Capital. The investment group’s new commercial realty financing projects will be operating under the new brand name, Bankhaus Obotritia.
FinTech Group AG will be responsible for the regulatory and technical operations by giving the bank its subsidiaries, XCOM AG and Bank biw AG. This will be under a white-label banking agreement. White-label means the service is purchased and rebranded by the reseller. Commercial real estate joint financing rounds in the future is now a possibility. However, both parties have come to an agreement to not reveal the purchasing price.
According to the CEO of FinTech Group AG, Frank Niehage, they are pleased with the partnership. It’s a step that reflects how suitable their firm is for all financial companies, because of their well-rounded profile which boasts excellence both in technology and finance. He added that the divestment of Aktionärsbank is an ultimate step towards their group’s reorganization.
This divestment highlights the end of FinTech Group AG’s one-year concentration process. The group has cut down their banking licenses, initially starting with four, which has now been reduced to only one. Last year, the investment firm licensed its CFD operations to Commerzbank AG and enabled flatex, its own online brokerage, to utilize Bank biw AG’s full-service banking license. It is now the backbone of Fintech Group’s banking operations.