Dresdner Factoring Takes Over Competitor

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Dresden (euro adhoc) - 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.

end of announcement euro adhoc 23.11.2006 12:31:16
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ots Originaltext: Dresdner Factoring AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Dresdner Factoring AG
Klaus Sauer
+49.351.888 55 110

Branche: Financial & Business Services
ISIN: DE000DFAG997
WKN: DFAG99
Index: CDAX
Börsen: Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade
Frankfurter Wertpapierbörse / regulated dealing/general
standard


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