Dutch property developer and mortgage group Bouwfonds and ABN Amro Bank are to combine their property financing activities in a new bank. It will start operating in September with a property portfolio worth about €8.2bn (NLG18bn) and have 120 staff.
Following ABN’s friendly €8bn (NLG3.6bn) takeover of Bouwfonds in January, the developer has changed its name to ABN Amro Bouwfonds Nederlandse Gemeenten. The new bank will be called De Vastgoedbank.
Bouwfonds this week reported net profits up by 12% to (NLG202m) on slightly increased revenue of €1.8m (NLG3.96m). The company is a leading residential developer and one of the top mortgage lenders in the sector.
