Delta Lloyd Group has received notice from ABN Amro Bank (Netherlands) about termination of the ABN AMRO Insurance joint venture.
Delta Lloyd Group has received notice from ABN Amro Bank (Netherlands) about termination of the ABN AMRO Insurance joint venture. ABN Amro Bank (Netherlands) wants to buy out Delta Lloyd Group's 51% stake in the joint venture from Delta Lloyd Group.
Delta Lloyd Group is sticking to its ambition of at least breaking its way into the top three on the Dutch market over the next few years.
Now that ABN AMRO Bank (Netherlands) has been taken over by Fortis, ABN AMRO wants to take advantage of the option to buy out the shares from Delta Lloyd Group. Delta Lloyd Group and ABN AMRO Bank entered into their joint venture for thirty years in 2003, but the contract provides for termination should either shareholder change hands. That was just what happened at ABN AMRO on 17 October 2007, when it was sold to a consortium of banks which included Fortis.
The joint venture contract stipulates how ABN AMRO Insurance is to be transferred from Delta Lloyd Group to ABN AMRO Bank (Netherlands).
Delta Lloyd Group stands by its strategy
Delta Lloyd Group is sticking to its strategic ambition of at least breaking its way into the top three on the Dutch market over the next few years.
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Contact:
Eliza de Waard
Telephone: (+31) 20 594 44 88