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EQS-Ad-hoc: GRENKE AG / Key word(s): Strategic Company Decision/Disposal GRENKE intends to sell factoring Companies Baden-Baden, 31.01.2024: The Supervisory Board of GRENKE AG today approved the Board of Directors' de-cision 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 consoli-dated 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 digitalisa-tion 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.
End of Inside Information
31-Jan-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
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| Language: | English |
| Company: | GRENKE AG |
| Neuer Markt 2 | |
| 76532 Baden-Baden | |
| Germany | |
| Phone: | +49 (0)7221 50 07-204 |
| Fax: | +49 (0)7221 50 07-4218 |
| E-mail: | investor@grenke.de |
| 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: | 1827529 |
| End of Announcement | EQS News Service |
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1827529 31-Jan-2024 CET/CEST
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