Under the acquisition agreement GAIN Capital will make certain payments to Deutsche Bank based on contract volume generated by transferring customers, subject to a specified minimum payment. The transaction is subject to customary regulatory approvals and other closing conditions.
Since dbFX was launched in 2006, volumes on the platform have grown every year culminating with full year 2010 volumes being 56 percent higher than full year 2009 volumes.
We're pleased to be able to offer our services to Deutsche Bank's retail clients, and look forward to continuing to provide the high level of customer service that dbFX customers have come to expect, said Glenn Stevens, chief executive officer, GAIN Capital. One of the reasons we decided to go public was to selectively pursue attractive acquisition opportunities that would complement our business and enhance value to all parties. We believe this transaction does exactly that.
dbFX clients will now be able to enjoy the benefits of trading through FOREX.com, GAIN's award winning retail division.
Zar Amrolia, global head of foreign exchange at Deutsche Bank, said Having developed dbFX into one of the world's most successful online foreign exchange providers for retail clients, we believe now is the right time to set the business on a course for further growth under the ownership of an online retail specialist. We will work with GAIN Capital to ensure a seamless transition.
Deutsche Bank remains the world's largest provider of foreign exchange to institutional and corporate clients.