FGH Bank sells RNHB Hypotheekbank to Carval Investors and Vesting Finance
FGH Bank has entered into an agreement to sell the real estate financing activities of RNHB Hypotheekbank (a label of FGH Bank N.V., a fully owned subsidiary of Rabobank) including its personnel and loan portfolio to a consortium of CarVal Investors and Vesting Finance (fully-owned subsidiary of quoted Arrow Global Group Plc).
Both parties entered into the agreement on Monday September 19th. The transaction comprises of the entire RNHB organization, including some 60 employees, a credit portfolio of some €1.7 billion and a customer database of some 9 thousand loans. CarVal Investors and Vesting Finance are committed to continue to serve RNHB´s customers and are counting on RNHB´s employees to help further grow the business in the future. This is a core strategy for the consortium. The sale of the RNHB organization is in line with Rabobank´s strategy , which seeks to reduce the size of the balance sheet.
Parties will start today to ensure a smooth transition of RNHB Hypotheekbank to Vesting Finance. The expected closing of the transaction is expected to take place at the end of 2016 and is subject to customary conditions for these type of transactions (including obtaining advice pursuant to the Dutch Works Council Act).
For more information:
Leonie Rikken, FGH Bank spokesperson: +31 (0)6 – 13 78 05 47
RNHB Hypotheekbank (part of the Rabo Vastgoedgroep) is a leading buy-to-let and mid-market CRE lending business in the Netherlands. RNHB is active in the market under its own brand (RNHB Hypotheekbank) with its own platform that can originate and service loans to real estate investors (predominantly mid- and smaller sized investment firms and independent investors) as well as mass affluent and more wealthy individuals.