DGAP-News: WEG Bank AG / Key word(s): Share Buyback/Strategic Company Decision
Matthias von Hauff, founder of the WEG Bank AG, has fully repurchased the shares sold to TokenPay Swiss AG in 2018. This is a result of the different strategic goals of the two entities.
It was not an easy decision, but after long deliberations and discussions, Matthias von Hauff, CEO of WEG Bank AG, decided to repurchase the shares of TokenPay Swiss AG amounting to 9.64% of the share capital. The Swiss fintech company is now officially no longer a shareholder of WEG Bank AG. There are no longer any business relationships or joint projects between the bank and TokenPay Swiss AG.
"At the time, TokenPay Swiss AG gave an exciting impetus to open the bank to fintech products and thus played an important role in the development of the institute. In the meantime, however, the strategic goals of the institutions are too far removed to make a long-term partnership seem sensible," says Matthias von Hauff, CEO of WEG Bank AG.
In particular, the development of the TEN31 business field, the fintech arm of WEG Bank AG, has aroused significant interest among investors in the industry. For this reason, Matthias von Hauff opened the company to strategic shareholders in 2018. This was done in the sense of the further development of the business model to be able to offer strategic added value. TokenPay Swiss AG was the first new shareholder after the bank was founded.
With the repurchase of TokenPay Swiss AG's shares, the bank is currently held by the following strategic shareholders: Litecoin Foundation 7.31%, Salamantex GmbH 9.64%, Turing Complete Holdings Ltd 9.64%, Anquan Capital Ltd 9.64%, Matthias von Hauff 9.64%, von Hauff Holding GmbH 38,42%, Best Assekuranzmakler AG 2.58%, PP Solutions AG 2.44% and some private investors with smaller holdings.
It is to be expected that further actors and shareholders will be added who will support the bank in its visions.
About WEG Bank AG / TEN31 Bank
"Always one step ahead": With this mission, the German WEG Bank AG initially dedicated itself to the housing industry and secured a role as a leading institute for WEGs and property managers. With the founding of the product "TEN31", and a renaming of the bank to "TEN31 Bank AG" planned for summer 2021, the institute remains true to its innovative spirit and establishes a second product line: banking services in innovative payment transactions. TEN31 focuses on the everyday usability of digital currencies intending to provide true added value for all parties involved. TEN31 is the bridge between conventional banking and the blockchain world.
Nina Farr, WEG Bank AG / TEN31 Bank | Alte Landstr. 27 | 85521Ottobrunn |
24.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.