Dutch online bank Knab officially sold to Austrian group

Dutch insurance company ASR has officially completed the sale of its online bank, Knab, to Austrian financial firm Bawag Group. The European Central Bank and Dutch central bank DNB confirmed this week that they do not have objections to the sale.

ASR announced the sale of Knab in February. Bawag Group will pay 590 million euros for the takeover. ASR is going to use 100 million euros of that fee to buy their own shares back.

Jos Baeten, ASR’s CEO, spoke of his happiness about the completion of the deal. "I am pleased with the successful completion of the sale, which was achieved jointly within the expected timelines. Bawag and Knab can now strengthen their position in the Dutch market.”

Knab was acquired by ASR last year with the takeover of Dutch parts of insurer Aegon. The deal was for 2.5 billion euros in cash, and ASR also gave up 29.99 percent of its shares to Aegon shareholders.

But the online bank does not fit within ASR's strategy, the CEO said. Baeten stated that Knab was sold off so that ASR can focus on a "successful integration of what used to be Aegon Netherlands.”