a.s.r. sells Knab to BAWAG Group AG
Today, ASR Nederland N.V. (a.s.r.) announces that it has reached an agreement to sell Knab to BAWAG Group AG (BAWAG) for an amount of € 510 million (the Transaction).
a.s.r. acquired Knab as an integral part of the Aegon Nederland transaction as announced in October 2022 and closed on 4 July 2023. Following a thorough strategic review of Knabs activities, in conjunction with an assessment of the proposal put forward by BAWAG, a.s.r. believes that the future of Knab and the service proposition to its customers is better served by being part of BAWAG. While the banking activities of Knab are an integral part of a.s.r., these are managed reasonably independently from the insurance operations of the a.s.r. group and it is expected that the disentanglement will be smooth.
In addition to the sale of Knab, an agreement was reached to transfer the management of the servicing of mortgages on Knab’s balance sheet in due time after closing, for an additional consideration of € 80 million to be paid to a.s.r.
Jos Baeten, CEO of a.s.r.: ‘Today’s announcement marks an important step for Knab and a.s.r. as it maximises value for all stakeholders involved. I would like to sincerely thank our colleagues at Knab: the strong interest we received for Knab is a clear testament of their contribution to building the business over the years. BAWAG is a strong European banking partner for Knab, with a robust capital position and extensive banking expertise to enhance the Dutch customer proposition of Knab, as well as opportunities for its employees. a.s.r. will continue to focus on a successful integration of the former Aegon Nederland businesses and creating a leading insurer and the best financial services provider in the Netherlands.’
The Transaction will have a positive impact on a.s.r.’s Solvency II ratio of approximately 13 percentage points. Knab contributed approximately € 64 million to a.s.r.’s OCC in 2023. a.s.r. will organise a capital markets day end of June 2024, which will include an update on capital management. The deployment of the proceeds of the Transaction will be part of the capital management plan.
The closing of the Transaction is expected in the second half of 2024. Until the closing of the Transaction, nothing will change for customers and employees of Knab. The Transaction is subject to approval from the relevant regulatory authorities and an advice from the a.s.r. works council.
About Knab
Knab is the online bank for the self-employed. It has just under 400.000 customers, largely in the self-employed domain. Knab enables customers to make their own conscious choices for a healthy financial future. One in three self-employed people who started as self-employed and opened a business bank account, opened it at Knab in 2023. This number has increased annually ever since Knab’s inception. In the first half of 2023, Knab generated a net profit of 64.5 million euros.
About BAWAG Group AG
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.1 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need. BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.
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