ABP and PGGM buy stakes off NIB Capital

Pension funds ABP and PGGM will buy the major parts of NIB Capital BankÂ's participations for a total of EUR 808 mln. The divestment will bring NIB, owned by both pension funds, a profit of EUR 20 mln.

The relevant participations hindered a stable development of NIB and its divestment is in accordance with the companyÂ's risk profile. Also NIBÂ's strategy should be more focused on asset management rather than acquiring assets.

NIB Capital realized a net loss of EUR 8.5 mln during the first six months of this year (2001: profit of EUR 57.3 mln), mainly caused by exceptional expenses.

(source: NIB Capital)

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