The board of The Hague-based bank NIBC has unanimously backed the €1.4bn takeover bid made by US investment group Blackstone.
Chief executive Paulus de Wit said in a statement that the bank would be able to continue its current strategy as part of the Blackstone empire.
In addition, ‘Blackstone’s support will also enable further investment into new ventures and fintech driven initiatives, as well as enhancing career development opportunities for NIBC employees,’ De Wit said.
Shareholders JCF and Reggeborgh, which own a combined 75% of the shares outstanding, have already said they are willing to sell. Ultimately, Blackstone aims to delist the Dutch bank, which offers loans, savings products and mortgages in the Netherlands, Germany, Belgium and the UK.
The deal still has to go through the required competition and regulatory clearances, and should be completed by the second half of this year.
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