Dresdner Factoring Takes Over Competitor

DRESDEN, Germany, November 23 /PRNewswire/ -- Dresdner Factoring AG, leading provider of factoring services for small to medium-sized companies, is taking over 100 percent of Tewefa Factoring AG, Frankfurt/Main. "This means that we will already be present at Germany's leading financial centre in 2006. At the same time we are buying an attractive customer base that has been built up over decades and which optimally supplements our own portfolio," explains Klaus Sauer, Chairman of the Board of Management. Factoring turnover will rise by about EUR70 million with the acquisition of Tewefa. Dresdner Factoring had planned EUR140-150 million in receivables turnover of its own for this year.

Helmut Schlitt, Tewefa Factoring's main shareholder and Management Board Chairman, is retiring for age reasons after more than 25 years with the company. The sale of the company is part of the regulation of succession and aims to maintain the services of the experienced members of staff, some of whom have already been on board for 15 years. Klaus Sauer welcomes this decision: "Helmut Schlitt will support me in an advisory capacity with the integration of the new company." He also says that the acquisition will only have a marginal effect on the company's result target for 2006.

According to Sauer, the purchase price corresponds to four times Tewefa Factoring AG's 2007 EBIT. The acquisition will be consolidated under Dresdner Factoring AG on 1 December 2006. "We are reaching a new dimension with the purchase of Tewefa," says the Board Chairman. "After a phase of organic growth - achieved by building up our sales structure - and the initial public offering, we will now significantly expand our market position with acquisitions and by opening up new customer segments."

Dresdner Factoring AG

Dresdner Factoring AG, with approx. 60 staff and six locations, is already one of the leading factoring providers nationwide in its target segment of small and medium-sized companies with a receivable turnover of between EUR250,000 and EUR5 million a year. The full-service factoring offered by Dresdner Factoring AG provides liquidity and security by purchasing receivables (liquidity), insuring the receivables (protection against customer default) and offering a receivables-accounting service including dunning.

Further information: Dresdner Factoring AG Klaus Sauer Glacisstrasse 2 01099 Dresden Telephone: [phone] www.dresdner-factoring.de Press service: Pleon Kohtes Klewes Dominik Schilling Goetheallee 23 01309 Dresden Telephone: [phone] [e-mail]