Flatex AG: news exclusive partner Société Générale
This Wednesday, a German-headquartered company announced that it has won an exclusive contract with Société Générale. SocGen is a French multinational investment provider and financial services company in Paris. The French bank will present flatex AG with contracts for difference (CFD) product provider for its brokerage business. Primarily, the deal has emerged as part of the French bank’s procurement of Commerzbank’s EMC business enterprise. Previously, the EMC business had been exclusively working as CFD partner of flatex AG.
The agreement is valid until 2025. It is a part of Société Générale’s ongoing integration of Commerzbank’s EMC business. By the end of acquisition, the deal between the French bank and the German broker will officially start.
Flatex AG awaits an advancement in CFD business
Flatex AG is a company that offers routing, brokerage, credit servicing, securities, and ATM services. However, banking services work mainly for customers in Germany. Moreover, the company’s business consumer operations B2C includes more than 300 thousand customers. The company is part of FinTech Group AG.
Thanks to the new agreement with Société Générale, flatex expects income from its CFD business to increase. However, the company did not specify all the details of the latest products. Besides, the broker processes more than 2 million CFD transactions. Additionally, the deal is profitable for both parties. The company executes approximately 12.5 million customer’s securities transactions annually.
The long-term partnership will allow flatex AG to offer its customers a greater variety of products in the future.
The Chief Executive Officer (CEO) of flatex AG, Frank Niehage, commented on the new partnership. He stated that they won Société Générale as an exclusive product partner. The SocGen is a top-tier derivatives player and one of the future leading CFD product providers.