Achmea Bank acquires portfolio of Dutch residential mortgages
On 1 November 2020, Achmea Bank acquired a portfolio of Dutch residential mortgages from BinckBank, part of the Saxo Bank Group. The acquisition of this portfolio, with a size of approximately € 460 million, underlines Achmea’s ambition to grow in mortgages.
In recent years, this mortgage portfolio has been originated for the benefit of BinckBank, under the label ‘bijBouwe’ of mortgage provider Dynamic Credit. The portfolio that has been acquired is a so-called closed book, meaning that no new mortgages will be originated although interest rate resets and further advances will be offered. Consequently, the transaction will not affect the borrowers in the mortgage portfolio. Achmea Bank is taking the place of BinckBank as the investor on the Dynamic Credit platform. This acquisition is in line with Achmea Bank’s strategy of focusing on growth and scale.
Dynamic Credit uses Quion, one of the largest independent third-party service providers in the Netherlands, to service the mortgages. Achmea Bank also works with Quion.
Overall, the mortgage portfolios of all Achmea’s brands (Centraal Beheer, Woonfonds, Syntrus Achmea, Attens and Tellius) were some € 28 billion at the end of June 2020. Over the next few years, Achmea wants to further expand its share in the mortgage market.