Rabobank's FGH to wind down after €1.3bn property loan portfolio sale

By Paul Norman - Wednesday, March 14, 2018 6:42

Rabobank's FGH Bank has sold an €1.3bn property loan portfolio to buy to let and mid-market commercial real estate lender RNHB.

The closing of the transaction is expected to take place in the second quarter of 2018, subject to necessary regulatory approvals and successful completion of the consultation process with the employee representative bodies. Rabobank said: "RNHB B.V. is fully committed to continue to serve FGH’s customers."

The transaction fits Rabobank’s commercial real estate strategy, it said. Loans and customers of FGH Bank that are in line with the strategy have been transferred to Rabobank in 2017. FGH Bank N.V. intends to phase out its activities in the course of 2018. FGH Bank N.V. would then cease to exist as a separate legal entity.

RNHB B.V. has the plans to expand its business through organic growth and selective portfolio acquisitions and "welcomes the FGH clients within RNHB B.V.. RNHB B.V. looks forward to continuing to work with FGH customers".

pnorman@costar.co.uk

 

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