German broker flatexDEGIRO open to takeover by U.S. or Asian company (updated)

flatexDEGIRO SE

19/10/2023 10:24

(Adds graphic)
    By Tom Sims
       FRANKFURT, Oct 19 (Reuters) - FlatexDEGIRO  FTKn.DE ,
the German online broker with operations throughout Europe, is
open to a takeover by a U.S. or Asian company, a move that could
"make a lot of sense", its chief executive told Reuters.
    The broker, with 2.5 million customer accounts in 16
countries, is shifting focus to "growth and opportunities" after
making progress on regulatory issues, said the CEO, Frank
Niehage.
    "If a strategic partner comes and makes an offer to take us
over and be part of a bigger business, then that would make a
lot of sense," Niehage said, describing the potential creation
of "a really global player".
    Asked if this was an invitation for an approach, Niehage
said, "Kind of. Yeah." 
    The German financial regulator BaFin earlier this year said
that it had ordered flatexDEGIRO to "remedy serious
shortcomings" in its internal controls and other areas. It fined
the broker, sent in a special monitor and imposed stricter
capital requirements.
    Last month, flatexDEGIRO said BaFin had observed "successful
progress", a judgement that freed up capital.
    Niehage said flatexDEGIRO this month would talk to the
regulator about proposals to buy back shares or issue a special
dividend.
    BaFin declined to comment.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Share price    https://tmsnrt.rs/46yKUaJ
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Tom Sims; editing by Matthias Williams)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))