Achmea Bank NV finalized an agreement to acquire part of the banking operations of ASR Bank NV, consisting of a liability portfolio with savings of €1.7 billion and approximately 125,000 customers, and an asset portfolio consisting of mortgages of a volume of €1.5 billion.
The deal between the units of insurers Achmea BV and ASR Nederland NV is part of the latter's decision to end banking as a core activity by the first half of 2020 and is in line with Achmea's strategy to focus on pensions and pension services, along with integrated banking products and asset management. Once the acquisition is finalized, Achmea subsidiary Centraal Beheer will serve all customers with an ASR savings product.
The transaction will have no material effect on ASR Nederland or its customers. Agreements and conditions of customers with an ASR mortgage will remain intact with ASR as their point of contact.
ASR Nederland has €8.2 billion in mortgages on its balance sheet, €1.5 billion of which are on ASR Bank's balance sheet and will transfer to Achmea Bank upon completion of the acquisition. ASR Nederland will continue to operate in the mortgage market.
The acquisition is subject to approval from relevant authorities and completion of advisory processes with involved works councils and is expected to complete in the second half of 2019. No further financial details of the transaction will be announced.