Financial institutions reconsider entrance into cannabis industry - Degussa Bank is acquired by Oldenburgische Landesbank.
The Oldenburgische Landesbank (OLB) has completed the acquisition of Degussa Bank. This deal will expand OLB's customer base by approximately 300,000 clients, bringing it close to one million customers. The bank projects that savings of around 50 million euros can be achieved through stingier spending on areas like personnel, technology, and marketing. No specific information regarding potential reductions in the workforce has been released. With nearly 1,200 employees, OLB AG is currently larger than Degussa Bank AG, which is headquartered in Frankfurt and employs over 500 people. According to OLB's CEO, Stefan Barth, this merger will position the bank for continued stable growth. In agreement with this sentiment, Degussa Bank's CEO, Michael Krupp, believes that both parties will profit from the merger.
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Source: www.stern.de
