Deutsche Bank announced the completion of the acquisition of parts of ABN AMRO's commercial banking activities in the Netherlands for EUR 700 million in cash. The transaction's closing follows the approval by the European Commission and other regulatory bodies. Deutsche Bank, already a leading corporate and investment bank in the Netherlands, is now the fourth-largest provider of commercial banking services in the country.
The acquired businesses will use the Deutsche Bank brand name and become part of the firm's Global Transaction Banking (GTB) business. These include:
- two corporate client units in Amsterdam and Eindhoven
- 13 commercial branches that serve small and medium sized enterprises ("SME")
- the Rotterdam-based bank Hollandsche Bank Unie N.V. (HBU). The client units, the 13 branches and HBU will be renamed immediately Deutsche Bank Nederland N.V.
- IFN Finance B.V., the Dutch part of ABN AMRO's factoring unit IFN Group.
With the acquisition, Deutsche Bank welcomes over 34,000 new clients and 1,300 new colleagues.
Werner Steinmueller, Head of Global Transaction Banking and Member of the Group Executive Committee at Deutsche Bank, said: "With this transaction, the Netherlands becomes a significant commercial banking market for Deutsche Bank. This is a key step in Deutsche Bank's strategy to expand its stable businesses and extend its presence with European SME and Midcap clients."
Leonhard Degle, Chief Country Officer for Deutsche Bank AG in the Netherlands, added: "Deutsche Bank has been active in the Netherlands for almost a century, and our long-term commitment to the country is underscored with these acquisitions. With our enhanced presence, we have an expanded platform to serve the financial needs and support the growth of the businesses locally."
Gerard Zwartkruis, Chief Executive Officer, Deutsche Bank Nederland N.V., said: "We welcome the transaction; our priority is to ensure our clients benefit and prosper. Over time, we will be offering Deutsche Bank's range of products and services to a larger customer base, this is good news for our clients."
Source: Deutsche BankDate: 07.04.2010
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