Wüstenrot to acquire Aachener Bausparkasse
New cooperation partners gained – sales force further strengthened
Wüstenrot Bausparkasse AG, a company of the Wüstenrot & Württembergische Group (W&W) in Stuttgart, Germany, is set to acquire Aachener Bausparkasse AG (ABAG). The takeover will further strengthen Germany’s most tradition-rich home loan and savings bank on its path to increased growth. The purchase contract has already been signed, but still needs to be approved by the anti-trust and supervisory authorities. The parties have agreed to keep the purchase price confidential. A number of positive effects are expected, especially for the customers.
With its gross new business of approximately €13.6 billion (financial year 2017), Wüstenrot is already the number two in the market. The home loan and savings bank also boasts the highest sales channel density. With the mobile sales organisations of Wüstenrot and Württembergische Versicherung, numerous partnerships in the banking and insurance sector and its presence in the broker and direct business, Wüstenrot currently has a customer potential in the eight-figure range.
With the acquisition of Aachener Bausparkasse, Wüstenrot will enter long-term partnerships in the home loan and savings area and the construction financing sector with the insurance companies that previously owned ABAG, becoming their exclusive product partner. For Wüstenrot, the additional new business volume will reach the nine-figure range. At the same time, customers will henceforth be supervised by one of the most powerful, multiple award-winning companies in the home loan and savings market.
Bernd Hertweck, Chairman of the Executive Board of Wüstenrot Bausparkasse, commented: “We are happy to welcome the tradition-rich Aachener Bausparkasse as part of our enterprise. For the customers and our new cooperation partners, Wüstenrot will be a strong and trustworthy partner. The Wüstenrot brand enjoys a high level of credibility and acceptance and stands for unmatched product and service quality. As we successfully did in previous acquisitions, this time too we would like to win over the customers of our new cooperation partners.”
Previously, Aachener Bausparkasse AG, whose current form came into existence in 2012 through the merger of Aachener Bausparkasse Aktiengesellschaft with HUK-Coburg Bausparkasse AG, had been owned by nine independent insurance companies. This includes ARAG, Barmenia, Continentale, Gothaer, HUK-COBURG, LVM, Mecklenburgische, Universa and the WWK Insurance Group. Aachener Bausparkasse has about 300 employees. It operates in the market both through its own mobile sales force and through sales partners. Dr. Christop Bollrath, Chairman of the Executive Board of Aachener Bausparkasse AG, says: “I am pleased to see that after some years of great economic challenges, Aachener Bausparkasse will be owned by a strong home loan and savings bank. Our customers and sales will benefit from the efficient services and great competencies of one of the leading providers in this segment.”
Wüstenrot steps up role as leading cooperation home loan and savings bank
The purchase of Aachener Bausparkasse is the third acquisition that Wüstenrot has undertaken in the home loan and savings area in the past decade. In 2009, the company had purchased the Munich-based Vereinsbank Victoria Bauspar AG (VVB). A year later, Wüstenrot purchased Allianz Dresdner Bauspar AG, headquartered in Bad Vilbel, from Commerzbank. Both acquisitions greatly contributed to transforming Wüstenrot into the home loan and savings bank with the highest sales performance in the cooperation segment.
Today, partners such as Commerzbank, OLB and UniCredit from the banking sector as well as insurance companies such as Allianz and Ergo greatly contribute to Wüstenrot’s yearly new business. Says Bernd Hertweck: “With the help of its own mobile sales force as well as numerous partners, Wüstenrot has performed well. Our broad sales approach will continue to deliver attractive business opportunities in the home loan and savings area and in the construction financing sector. Our takeover of Aachener Bausparkasse represents the consistent continuation of our path to increased growth.”
Stuttgart, 13 December 2018