Big Dutch banks lose more ground in mortgage market

Photo: DutchNews.nl

The big three Dutch banks ABN Amro, ING and Rabobank now have 50% of the Dutch market, down two percentage points on the first quarter of the year, according to research by IG&H Consulting.

It is the third quarter in a row that the big three combined have lost market share, although Rabobank actually grew slightly, the consultancy is quoted as saying by news agency ANP.

Insurance group Aegon has now overtaken ING and ABN Amro’s Florius mortgage label and is in third place. Insurance companies now have 14% of the market and were particularly popular with first-time buyers.

‘Long term interest rates tend to be lower with insurance companies, allowing them to lend more to clients. This makes them attractive to people starting out,’ spokesman Joppe Smit said.