Sat, 12 Jul 2008

Crisis - what crisis? GLS Bank takes over another ethical bank

Bochum (NNA). Despite the crisis on the international finance markets, the GLS bank in Bochum grew by 20% this year, continuing its successful progress. At a press conference in Bochum, the GLS executive board also reported on its imminent take-over of IntegraBank in Munich. This is not the first take-over by GLS: back in 2003 it already took on Ökobank (Ecobank) which had got into difficulties. With the take-over of IntegraBank, said spokesman Thomas Jorberg, GLS would be further consolidating its position as market leader in the field of ethical and ecological fund management. IntegraBank, like GLS, is organised on a mutual and cooperative basis, and subscribes to sustainable and fair economics. It is founded on Catholic social doctrines, and offers its 1,600 clients all normal banking facilities, from giro accounts through savings accounts and insurance brokering to asset management. Its total assets currently stand at around 38 million euros. When take-over comes into effect, the mutual shares held by IntegraBank members will be transferred into the same number of full-value mutual shares in GLS bank. The bank’s main office in Munich will be retained and its employees will be taken on by GLS, with the exception of the bank’s executive board. So far – beside its head office in Bochum – GLS bank has branches in Berlin, Frankfurt, Freiburg, Hamburg and Stuttgart. The new branch in Munich will further accentuate the bank’s presence in South Germany, said executive board spokesman Jorberg. He went on to highlight the fact that GLS bank has been promoting the idea of transparency – which many finance experts are now calling for – for over 30 years. Its clients therefore benefit from double returns: the companies and projects funded by the bank give both monetary and also social and ecological value. The ethical and ecological GLS group is currently supporting over 4,000 innovative companies, projects and initiatives in the fields of energy, organic agriculture, natural foods, education, social welfare, social housing and culture. The bank also includes the GLS Treuhand [Trust], which gives advice about managing foundations and donations, and GLS Beteiligungs AG [Holdings]. The latter makes available capital to new and sustainably run businesses in the form of closed funds and profit participation rights.

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Item: 080711-01EN Date: 11 July 2008

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