March 1, 2017 / 7:22 AM / 3 years ago

BRIEF-Fintech Group merges its current five affiliated companies into two

March 1 (Reuters) - Fintech Group AG:

* Fintech group plans to leverage further synergies by merging its five operating companies (Fintech Group AG, flatex GmbH, biw AG, XCOM AG, and ViTrade GmbH) into just two companies over coming months

* Online broker flatex and ViTrade to be merged into biw AG, with new entity rebranded as Fintech Group Bank AG

* IT-Systems provider XCOM AG to be merged into Fintech Group AG

* Creating further synergies by merging its current five affiliated companies into two: a financial services entity and a tech entity will result in a reduction of annual operating expenses in order of a seven-digit euro sum

* Considers to raise its 2017 guidance upon publication of annual financial report 2016 by April at latest Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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