Deutsche Bank acquires Norisbank

Deutsche Bank acquires Norisbank

Deutsche Bank has confirmed that they are taking over consumer credit specialist Norisbank. Norisbank is currently owned by cooperative banking giant DZ Bank.

This deal is worth around 420 million euros. Deutsche Bank is the largest bank in Germany and they managed to outbid competitors including German rival Commerzbank and US bank Citibank.

They had even walked out of the talks with DZ Bank before making a comeback to outbid all the other rivals for this acquisition.

The company is hoping that the 98 branches and 334,000 customers of Norisbank would help them to strengthen its consumer credit business.

This deal comes just months after Deutsche Bank acquired Berlin-based Berliner Bank. With this latest acquisition, they have further shown interest in expanding in their home market of Germany.