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DekaBank to buy online broker

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

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.