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DekaBank to buy online broker

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DekaBank to buy online broker

DekaBankDeutsche Girozentrale announced April 12 that it reached anagreement to acquire the remaining shares in S Broker AG & Co. KG for anundisclosed sum.

With its 30.6% stake, DekaBank is already the largest shareholderof the online broker for the Sparkassen-Finanzgruppe. It expects to close thedeal for the remaining 69.4% stake by mid-2016, subject to regulatory approvals.

In a separate statement, Deka-Gruppe, which consistsof DekaBank and its subsidiaries, reported a full-year 2015 economic result of€610.6 million, up from €541.1 million a year earlier. However,net income before tax fell to €601.0 million from €871.1 million over the sameperiod.

The result was achieved despite a drop in net interestincome year over year to €182.7 million from €325.8 million. However, due to arise in total customer assets, net commission income rose to €1.11 billion from€1.01 billion. Intotal, Deka-Gruppe income increased by to €1.52 billion in2015 from €1.44 billion in 2014.

The group common equity Tier capital ratio came to12.4% at Dec. 31, compared to 11.8% a year earlier.