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DGAP-Ad-hoc: GRENKE AG / Key word(s): Miscellaneous
GRENKE: BaFin Concludes Measures Following Special Audit
16-Feb-2022 / 12:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
GRENKE: BaFin Concludes Measures Following Special Audit
Baden-Baden, Germany, February 16, 2022: The German Federal Financial Supervisory Authority (BaFin) has completed its bank-related measures resulting from the special audit of GRENKE AG and GRENKE BANK AG conducted between autumn 2020 and spring 2021. As part of the regular Supervisory Review and Evaluation Process (SREP), the amount of additional own resources that GRENKE must hold as a minimum was adjusted. BaFin has also ordered that proper rules of procedure be ensured.
As a result, GRENKE AG's capital requirement is now 10.5 percent compared to the previous 9 percent, due to an additional SREP capital surcharge of 1.5 percentage points. For the subsidiary GRENKE BANK AG, the capital requirement at single-entity level is now 11.5 percent compared to 8.5 percent previously (additional SREP capital surcharge: 3 percentage points).
GRENKE has launched an extensive organisational development project and has already addressed a large number of the findings. The additional SREP capital surcharge will be lifted again as soon as BaFin is satisfied of GRENKE's further development when it conducts its regular follow-up audits. The growth in the portfolio the Company has planned for the 2022 financial year will not be affected by the additional capital surcharge.
For further information, please contact:
| GRENKE AG |
Press Contact |
| Anke Linnartz |
Stefan Wichmann |
| Neuer Markt 2 |
Executive Communications Consulting |
| 76532 Baden-Baden |
Neuer Markt 2 |
| Phone: +49 7221 5007-204 |
76532 Baden-Baden |
| Email: [email protected] |
Mobile: +49 (0) 171 20 20 300 |
| Website: www.grenke.com |
Email: [email protected] |
Information and Explanation of the Issuer to this News:
About GRENKE
The GRENKE Group (GRENKE) is a global financing partner for small and medium-sized companies. As a one-stop shop for customers, GRENKE's products range from flexible small-ticket leasing and demand-driven bank products to convenient factoring. Fast and easy processing and personal contact with customers and partners are at the centre of GRENKE's activities.
Founded in 1978 in Baden-Baden, the Group operates in 33 countries and employs more than 1,800 staff worldwide. GRENKE shares are listed in the SDAX on the Frankfurt Stock Exchange (ISIN DE000A161N30).
16-Feb-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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GRENKE AG DE000A161N30