ABN Amro acquires NIBC Bank for nearly €1 billion

ABN Amro is acquiring the Hague-based mortgage bank NIBC for €960 million, the banks announced on Wednesday. The acquisition is still subject to regulatory approval, but ABN Amro expects the transaction to be completed next year.

According to ABN Amro, the acquisition will add further scale to its banking activities and reinforce the bank’s strong position in the Dutch market.

NIBC is the former Dutch Investment Bank, established after World War II to rebuild the Netherlands. Today, the bank specializes in mortgages and savings. NIBC has approximately 325,000 savings clients, 200,000 mortgage clients, and 175,000 business clients in Northwest Europe.

“NIBC is a natural match for ABN AMRO, strengthening our prominent position in the Dutch mortgage market, while also creating significant growth in the bank’s savings business with the addition of affluent retail clients. I’m very much looking forward to welcoming NIBC’s clients and to working with the NIBC team,” said ABN Amro CCO Annerie Vreugdenhil.

NIBC is currently owned by the American venture capital firm Blackstone, which sought a buyer for the Hague-based bank. NIBC CEO Nick Jue called the move to ABN Amro an exciting milestone. “By combining our well-recognised client proposition and networks with the scale and strength of ABN AMRO, we will be able to provide even greater value to clients,” he said.

ABN Amro said that, in anticipation of the NIBC acquisition, it has re-examined its own mortgage brands. The bank decided to retain the Florius brand, but close down Moneyou. ABN Amro also wants to explore the possibility of linking the BUX investment platform to its mortgage subsidiaries.