ABN AMRO to acquire commercial bank NIBC for up to €960m

Core Viewpoint - ABN AMRO has agreed to acquire NIBC Bank from Blackstone for approximately €960 million ($1.11 billion), aiming to enhance its retail banking operations and market position in the Netherlands [1][4]. Group 1: Acquisition Details - The acquisition is valued at about €960 million ($1.11 billion) and reflects 0.85 times NIBC's book value based on shareholders' equity at closing, subject to final adjustments [1]. - The transaction is expected to be completed in the second half of 2026, pending regulatory approvals and consultations [2]. Group 2: Strategic Implications - The deal will expand ABN AMRO's client base by adding approximately 325,000 savings clients, 200,000 mortgage clients, and 175 corporate clients [4]. - ABN AMRO anticipates the acquisition will increase profitability, targeting a return on invested capital of around 18% by 2029 [4]. Group 3: Future Strategy - The acquisition aligns with ABN AMRO's new strategy focused on profitable growth, optimizing capital allocation, and resizing its cost base, which will be detailed at the Capital Markets Day on November 25, 2025 [5]. - The purchase will enhance ABN AMRO's presence in the Dutch, German, and Belgian savings markets and broaden its mortgage and corporate lending capabilities in Northwest Europe [5]. Group 4: Brand and Operational Changes - ABN AMRO plans to maintain its core mortgage brands, ABN AMRO and Florius, while discontinuing the Moneyou brand, potentially integrating NIBC's mortgage label into its offerings [6]. - The bank intends to legally merge ABN AMRO Hypotheken Groep into ABN AMRO Bank to improve operational efficiency [6].