Housing corporation Vestia reaches settlement with ABN Amro

abn amro logoHousing corporation Vestia and ABN Amro have reached a settlement in connection with derivative transactions dating from 2012.

ABN Amro has agreed to pay the corporation €55m in full settlement of all claims between them, the companies said in a press release on Monday.

The Rotterdam housing corporation, one of the biggest in the Netherlands, got into trouble after investing in complicated financial products to protect it against interest rate increases, and nearly went bankrupt in 2012.

Vestia said in the press release it is satisfied with the settlement. ‘It provides a nice sum towards the sustainable financial recovery of the company,’ the company said.

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