ASR sells the online bank Knab to the Austrian bank BAWAG Group. The Dutch insurer has that announced on Thursday. The sale involves an amount of 510 million euros, in addition to an additional fee of 80 million euros for mortgage management. Last year, the bank was part of the takeover of the Dutch branch of Aegon by ASR.
The sale, which is expected to be completed in the second half of this year, must still be approved by ASR’s central works council. Chairman of the Board Jos Baeten speaks of an “important step” for the online bank. According to him, Knab, which distinguishes itself in the Dutch banking industry through its distinct digital identity, can “further strengthen” its position in the Dutch market with BAWAG.
The sale has been coming for a while. ASR previously indicated that it was open to selling the digital bank and reportedly received several bids. ASR seemed to have no interest in keeping Knab and had already closed its own bank a few years ago. Knab, founded in 2012, profiles itself primarily as a bank that focuses on services to self-employed people and has at least 400,000 paying customers.
Also read
Online bank Knab is selling risky loans at the insistence of DNB