COFRA Holding has sold C&A Bank to Bank11
COFRA Holding AG has entered via its German subsidiary C&A Mode GmbH & Co.KG into an agreement with respect to the transfer of 100% of its shares in C&A Bank GmbH to Bank11 Privatkunden und Handel GmbH. Under the C&A Money brand, C&A Bank currently operates a consumer finance business in Germany, which will ideally complements Bank11’s growth strategy in auto finance. The parties agreed not to disclose the purchase price or other aspects of the transaction. The closing of the transaction still depends on the receipt of regulatory approvals and is expected in autumn 2013. In the future, C&A Bank will change its name to Bank11 direkt.
Cofra Holding AG
COFRA Holding AG, founded in October 2001, is the holding company for a privately-owned group of companies located in Europe, North and Latin America and Asia, whose main activities include retail, real estate and private equity investment management. COFRA Holding is headquartered in Zug, Switzerland.
C&A Bank GmbH
Since 2006, C&A Bank as the specialised consumer finance bank within the C&A Group offers under the C&A Money brand bank and insurance products to retail clients in Germany. The bank is located in Dusseldorf.
About Bank11 Privatkunden und Handel GmbH
Bank11 located in Neuss represents a specialised credit institution providing sales finance in Germany. Its sole shareholder is privately-owned Wilh. Werhahn KG, Neuss. Bank11 supports small and medium-size auto dealerships with liquidity solutions, mobility and insurance offerings and retail clients with financing products.
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