Rabobank and Eureko focus on commercial alliance
Rabobank and Eureko, which is Achmea’s parent company, are to intensify their commercial alliance. This constitutes the core of a new joint operating agreement that will go into effect on 1 January 2011. The new agreements are the confirmation of many years of productive collaboration between the two co-operative financial services providers. As part of the new agreement, Rabobank will also reduce its stake in Eureko to approximately 29 percent in light of the new capital regulations for banks. This will cause the stake of majority shareholder Vereniging Achmea to increase to approximately 65 percent.
The new agreement will replace the existing agreement between Rabobank, Vereniging Achmea and Eureko that was entered into in September 2005. The agreement at that time included the intention to realise a merger between Rabobank and Eureko. Both groups had already previously concluded and communicated that a merger is no longer required in order to achieve the common strategic objectives. A merger is furthermore not desirable in view of the developments in financial markets in recent years.
Rabobank will remain a strategic shareholder in Eureko alongside Vereniging Achmea, the Achmea clients’ representative body. In view of the new capital regulations for banks, Rabobank is reducing its stake in Eureko from 39 percent to approximately 29 percent. This reduction will be realised through the sale of shares to Vereniging Achmea, the dilution of Rabobank’s stake due to the planned merger of Vereniging Achmea and Coöperatie De Friesland Zorgverzekeraar and a proposed share buy-back by Eureko. Vereniging Achmea will hold a stake of approximately 65 percent after the transaction.
Piet Moerland, Chairman of the Executive Board of Rabobank Nederland: ‘The new agreements are in step with the times and confirm our close co-operation. The essential aspect is that they confirm and intensify the commercial partnership between both groups. It is important for us to be able to offer our clients a comprehensive range of financial services, including services in the field of insurance. Rabobank and Eureko are furthermore highly complementary in terms of identity and co-operative background.’
Willem van Duin, Chairman of the Executive Board of Eureko: ‘As a Rabobank house brand, our subsidiary Interpolis plays a key role within the commercial partnership and will continue to do so in the future. We are, for example, currently working on further integration of our processes and Interpolis is developing innovative and accessible products and services for our clients. Both majority shareholders, Vereniging Achmea and Rabobank, will naturally continue to have a voice in important strategic decisions.’
The new agreements between Rabobank, Vereniging Achmea and Eureko are subject to the approval of the supervisory bodies and works council.