A merger between cooperative bank Rabobank and insurance group Eureko is becoming increasingly unlikely because of the economic downturn, according to various newspapers on Monday.
‘The economic reality is totally different than it was in 2005,’ a spokesman told Nos tv. The two companies signed a statement of intent to merge in 2005. That agreement is due to expire at the end of this year.
Rabobank has a 39% stake in Eureko and that shareholding is not up for sale, the spokesman said. ‘We will continue working together and want our alliance to improve’, he was quoted as saying.
Together, Rabobank and Eureko would form the biggest financial services group in the country, with insurance brands such as Interpolis, Achmea, Zilveren Kruis and Avero falling under their combined control.
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