Dutch insurer ASR Nederland buys Fortis Bank’s division

Dutch insurance company ASR Nederland yesterday unveiled the acquisition of Fortis ASR Bank, part of Fortis Bank Nederland, without disclosing the price of the deal.

The acquired lender, which currently has around 250,000 saving- and investment accounts for private customers mainly, will operate under the name ASR Bank. It will offer its products via the distribution network of ASR Nederland.

ASR Nederland -- the insurer with brands such as Europeesche Verzekeringen, Ditzo and Ardanta in its portfolio -- was created after Belgo-Dutch bancansurer Fortis was split up in 2008. Fortis' banking activities in the Netherlands were combined under Fortis Bank Nederland, and the insurance units have continued operating under ASR Nederland.

Country: Netherlands

Sector: Banking/Financial Services

Target: Fortis ASR Bank

Buyer: ASR Nederland

Vendor: Fortis Bank Nederland Holding NV

Type: Corporate acquisition

Status: Closed

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