Aegon backs new online bank

Financial services group Aegon is behind a new, independent online bank in the Netherlands, which will charge clients €15 a month for its services.

The new operation, named Knab (bank spelled backwards) is the brainchild of Rene Frijters, one of the founders of investment bank Alex who also worked for ill-fated banking group DSB for a short period.
The bank’s business model is based on the needs of its customers, Frijters says. For example, if a customer threatens to overdraw, he can opt to have money automatically transferred from a savings account to fill up the hole.
The bank has been set up with the financial support of Aegon and uses its banking licences.

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