(Manager Magazin) Société Générale toying with buying the DAB bank

HypoVereinsbank is one of its online subsidiary DAB non-core business and drives the sale forward. The French bank Société Générale in Germany expressed interest in direct investment bank.

Hamburg - Germany The offshoot of the French bank Société Générale has interest in direct investment Bank (DAB). Their mother HypoVereinsbank (HVB) pushing ahead with the sale of the broker as manager magazine in its new issue (release date: June 20) reported, citing industry sources.

In recent weeks, about ten potential bidders were contacted for the DAB, the HVB no longer part of the core business: rivals such as ING-Diba, Comdirect and Cortal Consors as well as financial investors. The reaction of the online banking market leader fell from reticent.

Unlike the French, who are so far represented in Germany in direct banking only with the mini-provider Onvista, but go for expansion: CEO Frédéric Oudéa (50) will in the next two years, up to four billion euros for the expansion of European business, including acquisitions provide. On the stock market, DAB is worth around 340 million euros, with its well 620 000 customers. By August, the deal could go through, they say.