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20/09/2016 - news

FGH Bank sells RNHB Hypotheekbank to Carval Investors and Vesting Finance

Press release - On September 19 the agreement for the sale of real estate financing operations was signed.

FGH Bank has signed an agreement for the sale of the real estate financing activities of RNHB Hypotheekbank (a label of FGH Bank and a wholly owned subsidiary of Rabobank) including personnel and loan portfolio, to a consortium consisting of CarVal Investors and Vesting Finance (a subsidiary of privately held Arrow Global Group PLC).

Both parties signed the agreement last Monday, September 19th.  The transaction comprises the entire RNHB organisation, including approximately 60 employees, a loan portfolio worth € 1.7 billion and a customer base of more than 9 thousand loans. Investors CarVal and Vesting Finance commit to purchasing RNHB's customers and employees, and intend continue to grow RNHB in the future. This is an important part of the consortium's strategy. The selling of the RNHB label fits within the Rabobank strategy, which aims to lighten its balance sheet.

Parties will now further shape RNHB Hypotheekbank's transition to Vesting Finance. The sales process is expected to be completed by the end of 2016 and is subject to certain conditions (including obtaining advice in connection with the Works Councils Act) which are common in this type of transaction.

About RNHB Hypotheekbank

RNHB Hypotheekbank is a highly experienced specialist in the financing of investment properties, with knowledge of the national, regional and local property market. They provide loans for small-scale commercial real estate and properties intended for rental or re-sale. RNHB offers customised solutions for the mid section of the property market and has both credit, real estate and architectural knowledge.

About CarVal Investors

Carval Investors is a leading global player in the field of alternative investments and invests mainly in so-called credit-intensive assets. Since 1987, CarVal's experienced team has invested some $93 billion in over 5,300 transactions in 76 countries. CarVal Investors currently has approximately $10 billion in assets under management.

About Vesting Finance

Vesting Finance is a market leader in the field of credit management and financial servicing and manages debt portfolios for itself and for others. The total value of the portfolios Vesting Finance manages amounts to approximately € 3.7 billion. Vesting Finance provides financial vitality and growth of enterprises, and specialises in the prevention and reduction of payment arrears. 500 Professionals, assisted by flexible IT systems, support in all phases of the process. from customer acceptance to payment. The smart use of data makes Vesting Finance particularly successful and efficient.

About Arrow Global

Arrow Global Group PLC is one of Europe's largest and fastest growing providers of debt purchase and receivables management solutions. It purchases customer accounts from a range of businesses, including retail banks, credit card and telecommunications companies. As of 30 June 2016, it owned and managed portfolios with an aggregate face value at the time of purchase of GBP19.1 billion, including GBP15.3 billion of purchased loan portfolios.

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