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MLP completes separation of banking, brokerage ops

German financial services firm MLP SE said it completed the separation of its banking and brokerage businesses as part of a new group structure that offers "the potential for strategic cooperations."

Newly created MLP Banking AG will run the separated regulated banking business, while the also newly created MLP Finanzberatung SE will manage the brokerage business. In a first step since the separation, mortgage loans from MLP Banking will also be offered by brokers from Interhyp AG and Prohyp GmbH.

The realigned group structure will allow MLP to leverage €75 million of free regulatory equity capital by 2021, the company said Dec. 1.