Trade Republic Bank GmbH
06.12.2023 - 08:00:29Trade Republic receives full banking license from ECB.
| Issuer: Trade Republic Bank GmbH / Key word(s): Regulatory Approval/Strategic Company Decision 06.12.2023 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Trade Republic becomes a full bank and expands its license to include deposit and lending business. The additional licenses will enable new products around the central mission: easy and affordable wealth creation for everyone. With the full banking license, Trade Republic underlines its position as Europe’s largest savings platform. Experienced audit committee will strengthen Trade Republics corporate governance. Berlin, December 6, 2023. Ahead its 5th birthday, Trade Republic has obtained a full banking license from the European Central Bank (ECB). The additional license allows Europe’s largest savings platform to further expand its product offering around investing and saving. Along with this, Trade Republic expands its corporate governance by forming an experienced audit committee. “The full banking license opens up a new chapter for Trade Republic”, says Christian Hecker, Co-Founder of Trade Republic. “Most of our customers are still in the early stages of their financial journey. The full banking license empowers us to support them over the next decades. Together with our customers, we strive to grow further and build one of the leading financial institutions in Europe.” Almost five years after entering the market, Trade Republic can now provide all essential banking services, including deposit and credit services, and meets the strict requirements of ECB and German BaFin linked to a full banking license. Passing 4% interest rates on cash, the opening of bond trading for retail investors or the new app, Trade Republic has significantly expanded its offering 2023. "The new products enabled us to significantly grab market share in Germany and internationally in 2023. By obtaining a full banking license, we are accelerating this journey. The focus remains on the easy, fast and affordable accumulation of wealth for everyone", adds Christian Hecker. As part of the full banking license, Trade Republic strengthens its corporate governance by establishing an experienced audit committee. Pending approval from BaFin, this committee is composed of Ute Gerbaulet, CFO of Dr. August Oetker KG and former general partner of Bankhaus Lampe, Christiana Riley, Regional Head, North America at Santander and former board member of Deutsche Bank, as well as Andreas Willius, former Managing Director of Trade Republic and CEO of Börse Stuttgart. "Receiving the full banking license underlines Trade Republic’s quality for our customers. This is also reflected in our future corporate governance structure. We are very excited about the experienced audit committee”, says Andreas Torner, Managing Director of Trade Republic. Trade Republic proved itself as an innovator in the financial industry, pioneering not only affordable trading in Germany but also establishing ETF savings plans as a new form of savings account across Europe. This was followed by fractional share investing or the democratizing of bonds. This leading position was also shown, by becoming the first financial institution in Germany to pass on the new interest rate environment of currently 4%, to all new and existing customers. For additional information please visit: Website I FAQ I Instagram I X Please do not hesitate to contact us directly: Bettina Fries presse@traderepublic.com About Trade Republic Trade Republic is on a mission to set millions of Europeans up for wealth creation with secure, easy and commission-free access to capital markets. With customers across 17 European countries and billions of assets under management, Trade Republic is already the home screen app for many Europeans to manage their wealth. It offers savings plans, fractional investing, in ETF or bonds as well as derivatives or crypto. Trade Republic is a technology company with a full German banking license and is supervised by the Bundesbank and BaFin. As Europe’s largest savings platform, Trade Republic has received investments by Accel, Ontario Teachers‘, Peter Thiel‘s Founders Fund, Sequoia or TCV. The company based in Berlin was founded in 2015 by Christian Hecker, Thomas Pischke, and Marco Cancellieri. Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
