Utrecht,
29
December
2009
|
00:00
Europe/Amsterdam

ASR Nederland buys Fortis ASR Bank

Summary

ASR Nederland buys Fortis ASR Bank from Fortis Bank Nederland and changes name to ASR Bank.ASR Nederland NV acquired the shares of Fortis ASR Bank NV from Fortis Bank Nederland NV on 29 December 2009. The acquisition is an important step in positioning ASR Nederland in the market for asset products. Following the acquisition the name of Fortis ASR Bank was changed to ASR Bank.

‚ÄčASR Bank has a long history within the legal predecessors of ASR Nederland and we will continue providing services by drawing on the hundreds of years of experience gained within AMEV, Stad Rotterdam and Woudsend. ASR Bank holds its own banking licence under which it will carry out its saving and investment activities. At present the bank has approximately 250,000 saving and investment accounts mainly of private account holders.

The acquisition creates the possibility to develop new products for intermediary distribution with ASR insurance products. ASR Bank will focus on offering asset products, combined with asset protection products or otherwise, via the distribution channels of ASR Nederland. The bank will do this to refine and support the array of products provided by ASR Nederland.

De Nederlandsche Bank (the Dutch central bank) has approved the acquisition by issuing a 'statement of no objection'. ASR Bank meets the solvency and liquidity standards laid down by the regulator and its financial risk management aims to assure the bank's solvency and liquidity. The internal rules of ASR Bank go well beyond the standard requirements to provide an extra assurance of stability and continuity.

The managing board of ASR Bank will consist of Ida Goede, Chief Executive Officer (Chair), Hans Smolders, Chief Operating Officer and Patrick Klijnsmit, Chief Financial Risk Officer.