Volksbank CEO Gribnau stops: ‘I have come to the conclusion: Martijn, time-out!’

De Volksbank will have to look for two new directors in the short term. Chairman Martijn Gribnau and risk director Jeroen Dijst announced on Friday that they would not be available for a new term after the shareholders’ meeting in April. De Volksbank, which includes SNS and ASN, will therefore lose its two most important directors.

When Gribnau (59) took office in 2020, he was tasked with making Volksbank, which has been owned by the Dutch state since 2013, financially and operationally strong enough for an IPO or sale in five years. That wasn’t easy. De Volksbank has been too dependent on interest income for years, while competitors such as ABN Amro or ING also made profits from other services, such as investment advice. Gribnau unveiled a new strategy in 2021 that should ensure that de Volksbank can offer a broader range of financial services and products.

Headache files

Low interest rates severely depressed the bank’s earnings until 2021. Only when interest rates started to rise in 2022 did the bank get some breathing space again: a net profit of 248 million euros was presented at the half-year results in August, more than double the same period a year earlier.

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Risk management and supervision of money laundering prevention have been headaches for de Volksbank in recent years. In August, the bank was told by supervisory authority DNB that it was failing to screen for money laundering and terrorism activities. The bank must show concrete improvement before April 2024. De Volksbank also received a fine of 4.5 million euros from the European Central Bank: for years the bank underestimated the risks of loans to Swiss cantons and regional banks.

De Volksbank has been the scene of several administrative arguments and changes in recent years. With the arrival of Gribnau, the board of directors and the supervisory board of de Volksbank were changed in several places. A sale or IPO of de Volksbank would only be an option if there was peace and stability at the bank – and the current change in management does not help with that, according to outgoing Minister Kaag (Finance, D66). Gribnau himself sees it that way, he says in a telephone response. Still, he supports his upcoming departure.

You write in your statement that this felt like a “logical moment” to resign. Isn’t there still a lot of work to be done?

“My reason for not running for another term is twofold. I am a change agent, I am good at setting things in motion. More emphasis on data, investing in our gatekeeper function. We have been doing this for the past four years and the first results are now visible. The phase that de Volksbank is now entering requires someone with different skills. Someone who can now continue the course we have set.

“There are also personal reasons. They were four very beautiful, but also very intensive years. Partly due to the corona crisis, in which I have not seen my wife for months. During those years I also lost a number of people close to me and saw them affected by illness while I could not be with them. Then you start thinking: do I want to continue like this for another four years? My partner and I came to the conclusion: Martijn, time-out.”

To what extent did changes at de Volksbank perhaps occur more slowly than expected?

“That plays no role in this decision. For me it’s right: the more complex the more fun; I get energy from that. I made a very conscious choice to work at de Volksbank and I will certainly not leave with any grudge. I have indicated that I am open to doing coaching or consultancy work for de Volksbank in the future. Until the shareholders’ meeting, I will give 200 percent to achieve as much as possible.”

The fact that you and risk director Jeroen Dijst are resigning at the same time is a major blow to the bank and may delay the IPO or sale.

“Well. That was purely a coincidence. Jeroen Dijst was at the end of his second term and decided not to continue. That is not very unusual. We will have to wait and see what the consequences are for the minister’s decision on privatization. The file has not been declared controversial, so it will be dealt with as normal. It is now up to the Supervisory Board to find suitable successors, and I am fully convinced that this will succeed.”

Have you spoken to anyone from the Ministry of Finance today?

“Not yet. But that will certainly happen soon – the relationship with the shareholders is very good.”

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