Europace business division for ABS investors has been shut down as previously announced
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Berlin (euro adhoc) - 6 March 2009: The sale of the responsible subsidiary company marks the successful closure of Hypoport AG's Europace business division for ABS investors. Following the sale, all of the business divisions that now comprise Hypoport Group are profitable. The Group's focus on core competencies and highly profitable business divisions aims to secure sustained growth, both now and in the future.
The subsidiary company that was responsible for business operations with ABS investors has been sold to an investment company based in North Germany. This marks the conclusion with effect from 1 January 2009 of Hypoport's intention to shut down its loss-making "Europace for ABS investors" business division, which was announced back in October of last year. As such, the company will no longer be included in Hypoport Group's scope of consolidation from 2009 onwards and will therefore cease to burden the Group's results in the future. The profitable business with ABS issuers, which is located in Amsterdam, is not affected by the closure; it will continue to operate normally and grow.
Hypoport therefore started fiscal year 2009 with a solid structure and business divisions that are, without exception, profitable. As Ronald Slabke, Co-CEO at Hypoport, explains: "Bundling our resources to concentrate on our core competencies is the only means to ensure that we can develop and secure the standards demanded of our successful business models". These capacities can now be put to better and sustained use, not only for the consistently increasing numbers of producers and sales organisations that are connected to the established Europace platform, but also for growing the Genopace and Starpool joint ventures. Slabke continues: "The positive overall outcome of the 13th Europace Conference, which took place on 2 and 3 March 2009, confirmed the enormous growth potential that is still offered by these pillars of our business".
The all-round financial services provided by Hypoport subsidiary Dr. Klein & Co. AG are also in a superb position to tackle the new fiscal year. The wide range of services offered by this second central pillar of the Group's business operations is firmly anchored in the marketplace. The sales channels used for agency services by Dr. Klein include face-to-face, telephone and online consulting, allowing the company to reach its clients where they are based.
Stephan Gawarecki, member of Dr. Klein's Management Board, explains the growing advantages offered by this business model in the marketplace: "Impartiality, competence, transparency, product diversity and customer proximity will all play a crucial role in mediating financial services in the future. And these are precisely the strengths that Dr. Klein has been demonstrating for years now".
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Michaela Reimann
Group Communications Manager
Hypoport AG
Klosterstraße 71
D-10179 Berlin
Mobile: +49 (0) 151 / 58 04 - 1936
Tel.: +49 (0) 30 / 4 20 86 - 1936
Fax: +49 (0) 30 / 4 20 86 - 1999
E-Mail: michaela.reimann@hypoport.de
Internet: www.hypoport.de
Branche: Financial & Business Services
ISIN: DE0005493365
WKN: 549336
Börsen: Börse Frankfurt / regulated dealing/prime standard
Original content of: Hypoport AG, transmitted by news aktuell