ABN Amro has sold its €1.2bn Bouwfonds property unit to two Dutch companies.
Insurer SNS Real agreed to pay €840m for Bouwfonds Property Finance and Rabobank agreed to buy the asset management and property development activities for €845m.
ABN Amro bought Bouwfonds from a number of Dutch municipalities in 1999 in a deal valued at around €1.2bn.
Wilco Jiskoot, a member of ABN’s managing board, said: “We are pleased to have found two solid buyers for these businesses.
“We will continue to take great care in ensuring that there is a smooth transfer of ownership, taking the interest of all parties into account.”
The deal still needs to be approved by the Dutch anti-trust authorities.
See analysis, page 13
