Economy

Auto1 FT: After Allianz, Deutsche Bank also confirms the exit

Deutsche Bank twin towers in Frankfurt.

dpa

Hakan Koç’s business is doing well. The purchase of used cars from private individuals and their resale to vehicle dealers are flourishing. Auto1, Koç’s company, may even make it onto the stock exchange soon.

However, there has been a crash in the past few months at the company’s subsidiary, the Fintech Auto1 FT. This should actually provide the car dealers with the right financing for the car purchase. But now, according to information from NewsABC.net, there was a dispute between the shareholders. Auto1 bosses Hakan Koç and Christian Bertermann wanted to withdraw completely from the financial subsidiary, major investor Bensen Safa from Dubai then worried about his investment in FinTech and felt cheated. Expert opinions were drawn up. Since then, there have also been threats of legal action and allegations of misconduct against Koç. Koç describes the allegations as completely baseless.

Financiers get out of Auto1 FT

Financiers from the very beginning are now pulling the plug at Auto1 FT. Deutsche Bank confirmed to NewsABC.net that the financial institution is withdrawing from the company. Auto1 FT was, among other things, a joint venture between Deutsche Bank, Softbank and Allianz.

“The decision to leave does not affect the business relationship between Deutsche Bank and Auto1 Group GmbH, which is itself a partner in Auto1 FT GmbH. We continue to appreciate the partnership with the Auto1 Group very much. We cannot understand the allegations that are spread in the media against Auto1 Group GmbH, ”says a company spokesman for Deutsche Bank.

Allianz also recently withdrew from the project. The head of Auto1 FT, Andre Rashid, is now trying a fresh start and has chosen Solarisbank, a fin-tech foundation in Berlin, to succeed the other two financial institutions.

The company will also urgently need this new beginning, as it has mainly posted losses so far. At the end of 2019, according to an internal presentation, only shareholder loans saved the company from filing for bankruptcy. And Auto1 FT needed fresh money again in spring 2020.

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