GRENKE AG / DE000A161N30

GRENKE INTENDS TO SELL FACTORING COMPANIES

GRENKE AG / Key word(s): Strategic Company Decision/Disposal


31.01.2024 / 20:20 CET/CEST
The issuer is solely responsible for the content of this announcement.

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GRENKE intends to sell factoring Companies Concentration to be on growth and digitalisation in the leasing business Baden-Baden, 31.01.2024: The Supervisory Board of GRENKE AG today approved the Board of Directors' decision to focus on the leasing business with small and medium-sized companies in the future and initiate the sale of all factoring companies. The synergies with the core leasing business that were anticipated at the time of entering the factoring business have not materialised. Furthermore, a detailed analysis has shown that the existing factoring business could only be operated profitably in the long term with additional investments and a multi-fold increase in business volume (assets from the factoring business represented less than 2 percent of the consolidated statement of financial position in 2022). Instead of implementing a standalone factoring strategy separate from the leasing business, GRENKE intends to fully focus its resources and investments on advancing digitalisation and growth in the leasing business. GRENKE BANK AG's banking business will continue to play a key role in this context, particularly in terms of securing refinancing via deposits. "This step will allow us to focus our energy on customers and digitalisation in the leasing business for small in-vestments," emphasises Dr Sebastian Hirsch, CEO of GRENKE AG, adding: "Factoring is fundamentally an attractive market. The expected synergy effects with our successful core business of leasing have not materialised. However, I am convinced there are strong opportunities for the factoring business given the appropriate attention and determination. This is why we are doing everything we can to support and facilitate a sale."

FOR MORE INFORMATION, PLEASE CONTACT:
Investor contact Investor Relations Team Neuer Markt 2 76532 Baden-Baden [phone] [e-mail]	Press contact Stefan Wichmann Neuer Markt 2 76532 Baden-Baden [phone] [e-mail]
ABOUT GRENKE   The GRENKE Group (GRENKE) is a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE’s products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE’s activities. Founded in 1978 in Baden-Baden, the Group operates in more than 30 countries and employs approximately 2,100 staff (measured in terms of full-time equivalents) worldwide. GRENKE shares are listed on the Frankfurt Stock Exchange (ISIN DE000A161N30).

 

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31.01.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:	English
Company:	GRENKE AG
	Neuer Markt 2
	76532 Baden-Baden
	Germany
Phone:	[phone]
Fax:	[phone]
E-mail:	[e-mail]
Internet:	www.grenke.de
ISIN:	DE000A161N30
WKN:	A161N3
Indices:	SDAX
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1827555

End of News	EQS News Service

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1827555  31.01.2024 CET/CEST