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OLB Bank Reduces 150 Full-Time Positions at Acquired Degussa Bank Following Merger
ByAinvest
Wednesday, Aug 28, 2024 5:48 am ET1min read
OLB Bank will reduce 150 full-time positions at Degussa Bank following its acquisition. Colleagues will exit the bank either before or shortly after the merger in September. 275 full-time positions will remain post-merger. This decision comes after the completion of the Degussa Bank acquisition on April 30, with the Degussa time as an independent entity set to end on August 30. The merger will integrate Degussa with OLB, which was formed from the acquisition and consolidation of banks by major owners such as Apollo Global Management.
OLB Bank's recent acquisition of Degussa Bank has resulted in the reduction of 150 full-time positions at the latter [1]. The merger, which is expected to be completed on September 30, 2024, will integrate Degussa Bank into OLB [1]. As a result, 275 full-time positions will remain post-merger.The decision to reduce staff was made in light of the expected synergies and integration benefits, which include cost savings of around €50 million and a strengthened refinancing base due to the acquired deposit portfolio [1]. According to Stefan Barth, CEO of OLB, the merger is a strategic step that emphasizes the bank's successful growth path and its goal of becoming a significant player in the European banking sector [1].
The acquisition, which was announced on April 30, 2024, marks the end of Degussa Bank as an independent entity. The transaction follows the sale of Industria, which left Degussa Bank's management unable to capitalize on market opportunities resulting from the acquisition [1].
OLB Bank's acquisition of Degussa Bank is not an isolated event. The bank, which was formed from the acquisition and consolidation of banks by major owners such as Apollo Global Management, has been actively expanding its presence in the German market [1].
Sources:
[1] Oldenburgische Landesbank AG. (2024, April 30). Oldenburgische Landesbank AG successfully completes acquisition of Degussa Bank. Retrieved August 15, 2024, from https://ir.olb.de/en/news/olb-successfully-completes-acquisition-of-degussa-bank/c313337f-ad23-4cc0-ab8c-f7b0f2201160/
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