03.06.2015
OVB Holding AG DE0006286560
DGAP-News: Michael Rentmeister: 'Overregulation of financial advisory services will lead to old-age poverty'
DGAP-News: OVB Holding AG / Key word(s): AGM/EGM
Michael Rentmeister: 'Overregulation of financial advisory services
will lead to old-age poverty'
03.06.2015 / 16:25
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Michael Rentmeister: "Overregulation of financial advisory services will
lead to old-age poverty"
- OVB 2014 - Strong balance sheet throughout Europe
- Dividend increase resolved
- Specific proposals for a clear overview of the need for private pensions
Cologne, 3 June 2015 - Speaking in his usual candid style to shareholders,
Michael Rentmeister, CEO of OVB Holding, criticised the excess regulation
of the financial services industry in many European countries. "We
absolutely believe that further regulations and laws will result in a
steady deterioration of the pension situation throughout Europe, not just
for low-earners and the poorly-educated, but also for the well-educated
middle classes, i.e. around 80% of the population."
Overregulation in the financial advisory segment, Rentmeister continued,
will lead to more bureaucracy, higher complexity, additional costs, and,
most importantly, will further reduce people's motivation to accumulate
savings. Thus, Rentmeister spoke in favour of stopping all pending laws
that include any form of additional regulation for product providers and
brokers. He explained in detail why financial brokers perform precisely the
social policy role that governments have long failed at.
Rentmeister is primarily committed to improving people's savings options
with "more net from the gross" and the convenient, uniform promotion of
pension op-tions that are limited to a few products.
He noted OVB's firm conviction that an economically sound brokerage
industry is essential for financial consulting services to be
customer-friendly. Thus, it will con-tinue to make suggestions for
deregulation instead of simply welcoming new regu-lations. At the same
time, OVB favours initiatives that mean greater transparency for consumers,
such as uniform, standard product information.
Review of the 2014 financial year, Q1/2015 and outlook for 2015
Following a profitable year in 2014, OVB remains on the road to growth in
2015. The internationally focused Group significantly increased earnings
before interest and taxes (EBIT) year-on-year by 36.0% to EUR2.2 million.
For the 2015 financial year, OVB anticipates a slight increase in operating
earnings. At a minimum, it wants to match the better-than-expected earnings
from 2014.
Annual General Meeting passes resolutions with a large majority
With attendance of 96.99%, the motions by the Executive Board and
Supervisory Board were adopted unanimously or by a large majority. This
included, for instance, the payment of a higher dividend (increase of 0.05
euro cents to 0.60 euro cents). The shareholders also authorised the
Executive Board to buy back up to 300,000 of the treasury shares by 10 June
2020. Dr Alexander Tourneau, member of the Board of Directors of Basler
Versicherungen, Bad Homburg, was newly appointed to the Supervisory Board
as the successor to Jan De Meulder.
About the OVB Group
The OVB Group is one of Europe's leading financial service providers. Since
found-ing in 1970, customer-oriented consulting for private households with
regard to asset protection, asset building, pension plans and real estate
acquisition has been the focus of OVB's business activities. OVB currently
advises 3.2 million customers across Europe, working in cooperation with
over 100 renowned product partners. OVB is presently active in 14
countries, with approximately 5,200 full-time financial consultants working
for the Group. In 2014, OVB Holding AG and its subsidiaries generated total
sales commission of EUR214.0 million and EBIT of EUR12.3 million. OVB
Holding AG has been listed on the Frankfurt Stock Exchange (Prime Standard,
ISIN DE0006286560) since July 2006.
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Language: English
Company: OVB Holding AG
Heumarkt 1
50667 Köln
Germany
Phone: +49 221 2015 - 0
Fax: +49 221 2015 - 264
E-mail: [email protected]
Internet: www.ovb.eu
ISIN: DE0006286560
WKN: 628656
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News-Service
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365211 03.06.2015
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