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Achmea Bank to acquire Staalbankiers' remaining loan portfolio

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Achmea Bank to acquire Staalbankiers' remaining loan portfolio

is acquiring theremaining loan portfolio of Achmea BV private banking unit , following 's of Staalbankiers'private banking operations.

Thetransfer price is equivalent to the carrying amount of the portfolio, which isapproximately €245 million. Achmea Bank will also acquire the loan-relatedsavings of approximately €50 million.

Achmeawill inject €33.5 million in additional capital into Achmea Bank, part of whichis an initial contribution for the expected losses on the portfolio. Achmeawill also issue a guarantee to Achmea Bank for credit risk and other specificrisks in connection with the portfolio.

Theportfolio consists mainly of approximately €215 million in residentialmortgages backed by security in the Netherlands. Most of the volume of lendinghas a variable interest rate, and a portion is denominated in Swiss francs.

Theacquisition is subject to approval by De Nederlandsche Bank NV and is expected to have aslightly positive effect on Achmea Bank's solvency ratio. Achmea Bankpreviously acquired a Staalbankiers loan portfolio of approximately €1.1billion in July 2015.