Rabobank announced on Tuesday it has sold its asset manager Robeco to the Japanese integrated financial services group Orix.

Orix is paying €1.94m for a 90.01% stake in Robeco, or around four million shares. The Financieele Dagblad reported last spring that Rabobank planned to sell Robeco to boost its balance sheet.

Part of the agreement is a strategic alliance between Rabobank and Orix. This includes Rabobank retaining a 9.99% share in Robeco and continuing to cooperate in expanding Robeco’s business platform.

Client relations

For its part, Orix will allocate treasury stock to Rabobank as part of the acquisition price, making Rabobank a shareholder in Orix.

The two companies have further agreed that Robeco’s banking activities will be transferred to Rabobank with Robeco retaining its client service relations.

Rabobank executive board chairman Piet Moerland said in a statement this is the start of a new beginning. ‘Robeco now has the opportunity to develop further under Orix’s ownership.’