Deutsche Bank and the enduring plaintiff, Effecten-Spiegel AG, have reached an agreement in the legal dispute surrounding the acquisition of Postbank.
Two proceedings are pending before the Higher Regional Court of Cologne related to the acquisition of Postbank, including the one started by Effecten-Spiegel AG.
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An additional payment of 36.50 euros per share (interest included) on the bank’s proposed takeover bid price at the time of the settlement is part of the settlement.
Because Effecten-Spiegel AG was the primary plaintiff in this case and pursued it through all stages of the legal process, including two appeals to the Federal Court of Justice, a reimbursement of costs has been agreed upon, taking into consideration the costs incurred during the protracted legal dispute.
Following the October 2010 voluntary takeover offer to the then-Postbank shareholders, Effecten-Spiegel AG was the first plaintiff to file legal action against Deutsche Bank.
For many years, Effecten-Spiegel AG was the only plaintiff in the case. The settlement agreement shall govern the termination of the relevant proceeding before the Higher Regional Court of Cologne.
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By GlobalDataAdditionally, earlier last month, Deutsche Bank established a partnership with European investment infrastructure provider Upvest.
By integrating Deutsche Bank’s banking infrastructure into its services, the partnership will allow Upvest to increase the range of products it offers.
Clients of Upvest will get the benefit of virtual IBANs, foreign exchange services, and end-user cash management solutions through the bank.
Galina Kersten, head of tech & fintech sales EMEA at Deutsche Bank, commented: “Providing our services to the Berliner fintech Upvest as one of the leading scale-ups in the capital market investment area aligns with our dedicated commitment to supporting tech and fintech innovation. We look forward to working closely with Upvest to enable pan-European, instant, and API-based solutions in payments, FX, and beyond. The strongly growing neo-broker segment is the ideal fit to experience the innovation power of Deutsche Bank”.
