UK-based financial services provider FNZ Group has completed the acquisition of German investment platform European Bank for Financial Services (ebase) from Comdirect Bank, a subsidiary of Commerzbank, in a deal worth €154m (£139m).
The deal, which was originally announced in July 2018, was completed after securing approvals from appropriate regulatory authorities.
Established in 2002, ebase has been operating as an independent and fully licensed bank. In 2009, the German investment platform was acquired by Comdirect Bank.
With 260 employees, ebase serves 1.1 million customers and more than 280 co-operation partners including banks, insurance companies, asset managers and independent financial intermediaries.
ebase offers comprehensive services across financial portfolio management, deposit business and custodian services. The company has nearly €34bn (£30.7bn) in assets under administration.
ebase’s current managing directors Rudolf Geyer and Lars Müller-Lambrecht will continue to lead the operations from the firm’s headquarters in Aschheim, near Munich.
The multi-client solutions from ebase are used by financial distributors, insurance companies, banks, asset managers and other companies for their custody and account management for their customers.
Under FNZ Group, ebase will continue to operate as a digital financial services partner in Germany, by investing in technology and customer service.
FNZ Group CEO Adrian Durham said: “This is an important milestone for FNZ Group and reaffirms our commitment to becoming a leader in the provision of B2B digital wealth management technology for financial institutions and their customers globally.
“ebase is a well-established investment platform and leader in the digitisation of wealth management solutions, known for its performance in the German financial services market.
“We look forward to partnering with the highly-capable ebase team to grow their business in Germany and together expand the range of state-of-the-art technology platforms available to support wealth management.”
ebase CEO Rudolf Geyer said: “Together with FNZ Group, we look forward to delivering our strategy and continuing our growth in the market.”
FNZ Group provides investment platforms to financial institutions in financial services and wealth management sectors.
The company partners with major financial institutions to enable them to offer wealth management services to their clients across direct, intermediated and workplace channels.