Achmea Bank N.V. acquires remainder of loan portfolio from Staalbankiers N.V.
Tuesday 11 October 2016
TILBURG - Achmea Bank N.V. is acquiring the remaining loan portfolio of Staalbankiers N.V., Achmea B.V.'s private banking entity. This acquisition follows the acquisition of the private banking operations of Staalbankiers by Van Lanschot, announced on 9 August 2016. The transaction is subject to obtaining a declaration of no objection by De Nederlandsche Bank (DNB).
The carrying amount of the portfolio is approximately €245 million and follows Achmea Bank N.V.'s previous acquisition of a Staalbankiers loan portfolio of approximately €1.1 billion in July 2015. In addition to loans, Achmea Bank N.V. will also acquire the loan-related savings of approximately €50 million. The transfer price is the same as the carrying amount.
The features of the loan portfolio are different from Achmea Bank N.V.'s standard mortgage portfolio. The portfolio to be acquired consists mainly of approximately €215 million in residential mortgages backed by security in the Netherlands. Most of the volume of lending has a variable interest rate and part of it is denominated in Swiss francs.
Most of the administration and servicing of the loan portfolio is outsourced to Stater, an external mortgage service provider.
Achmea B.V. will inject an additional €33.5 million in capital into Achmea Bank N.V. This capital includes an initial contribution for the expected losses on this portfolio. In addition, Achmea B.V. will issue a guarantee to Achmea Bank N.V. for specific risks, including credit risk, in connection with this portfolio.
The transfer is expected to have a slightly positive effect on Achmea Bank N.V.'s solvency ratio.