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FinTech Group AG increases efficiency through significantly leaner set-up
DGAP-News: FinTech Group AG / Key word(s): Mergers & Acquisitions/Letter of Intent Corporate News / Frankfurt am Main, Germany, 1 March 2017 FinTech Group AG increases efficiency through significantly leaner set-up
Frankfurt am Main, Germany – FinTech Group AG (German WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) creates further synergies as it plans to merge its current five affiliated companies into two: a financial services entity and a tech entity. This will result in a reduction of annual operating expenses in the order of a seven-digit euro sum. In this context, management considers to raise its 2017 guidance when figures for the financial year 2016 are published by April at the latest. “This increase in efficiency is a logical step following the successful integration of XCOM AG and biw AG in 2015. Each year, the measures will contribute significant operating cost savings to the bottom line and, in the coming months, they will help us to become leaner and more agile,” explains Frank Niehage, CEO of FinTech Group AG. “In addition, we keep increasing transparency for our investors, business partners and staff. In the future, the mergers will ensure a clearer presentation of income and cost positions in the group’s segments.” The high potential savings in operating expenses result primarily from reduced audit and consulting fees (only 2 instead of 5 financial statements in future) and from lower regulatory and supervisory costs. Furthermore, expenses for supervisory board members, general meetings and insurance will be reduced. The new financial entity: The new tech entity:
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01.03.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | FinTech Group AG |
Rotfeder-Ring 5 | |
60327 Frankfurt am Main | |
Germany | |
Phone: | +49 (0) 69 450001 041 |
E-mail: | ir@fintechgroup.com |
Internet: | www.fintechgroup.com |
ISIN: | DE000FTG1111, DE0005249601 |
WKN: | FTG111 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Open Market (Basic Board) in Frankfurt |
End of News | DGAP News Service |