ECB Approves Oldenburgische Landesbank's Acquisition of Degussa Bank

Oldenburgische Landesbank AG (OLB) has received regulatory approval from the European Central Bank (ECB) for its acquisition of Degussa Bank, setting the stage to finalize the transaction by 30 April 2024. OLB's CEO, Stefan Barth, expressed satisfaction with the approval, highlighting the strategic importance of the acquisition in expanding their market reach across the nation.

The completion of the transaction will see OLB preparing for the legal and technical integration of Degussa Bank, aiming to transition approximately 300,000 Degussa Bank customers to OLB's systems during the latter half of 2024. OLB is focused on ensuring a seamless migration process for these customers, underlining the bank’s commitment to service continuity and customer satisfaction.

This significant expansion will elevate OLB’s assets beyond the EUR 30 billion mark, categorizing it as a "significant institution" under the Single Supervisory Mechanism criteria, thus bringing it under direct ECB supervision. This shift underscores OLB's growing influence in the financial sector and its forthcoming direct relationship with European regulatory authorities.