France-based BNP Paribas has agreed to acquire an 81.39% stake in German online investment brokerage firm DAB Bank from UniCredit’s unit Hypovereinsbank for €354 million ($474 million).

The stake will value DAB Bank at €435 million at a price of €4.78 per share.

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Subject to approval by the regulators and UniCredit Bank AG’s supervisory board, the deal will enable BNP Paribas to boost the development of its digital banking and brokerage business in Europe.

Additionally, the acquisition will enable BNP Paribas to nearly double the number of German clients in the segment to 1.4 million clients and increase its assets under management (AuM) to €58 billion.

The purchase of DAB is fully part of BNP Paribas’ 2014-2016 business development plan.

This deal will allow BNP Paribas to enhance its recognition among private clients in Germany and also serves as a foundation for developing the Group’s Retail business in Austria.

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UniCredit said it intends to record a net gain of around €180 million from the transaction.

BNP unit Cortal Consors is an important player in the German online banking and brokerage services market and serves 790,000 private clients and employs nearly 800 people on a full-time-basis.

Kai Friedrich, CEO Cortal Consors Germany and coordinator of the BNP Paribas Retail activities in Germany, said: "DAB bank and Cortal Consors are pioneers in digital brokerage and banking in Germany, both with 20 years of experience. This operation is very positive for the clients of Cortal Consors and DAB Bank, which will benefit from the combined expertise of both companies."

And Camille Fohl, head of BNP Paribas Germany and chairman of the management board in Germany said: "The purchase of DAB Bank is a unique opportunity for us to further develop in Germany. It enables us to significantly increase and broaden our client and deposit bases in this country, contributing to the development of our German businesses in line with our strategic plan for this market."

François Villeroy de Galhau, COO of BNP Paribas and head of domestic markets, said: "This acquisition will be instrumental in supporting the growth of our digital bank and brokerage in Europe."

DAB Bank operates in Germany and Austria, with 567,000 and 67,000 clients, respectively.