ASR Nederland N.V. (ENXTAM:ASRNL) will consider a sale of its banking arm after completing its acquisition of rival Aegon's domestic operations, a source close to the matter told Reuters. ASR announced in October that it would buy the bulk of Aegon's business in the Netherlands, including its local insurance activities and credit subsidiary Aegon Bank N.V., with the deal expected to close in the second half of the year 2023. The lending business, however, is likely to be put up for sale, given ASR's previous stance on banking operations, the source said on condition of anonymity because the discussions are private.
ASR labelled its original banking arm, ASR Bank, as non-core in 2018 and sold part of it to rival Achmea the following year. It finished winding down the business in 2020. No final decision has been taken, the source added.
At the moment nothing will change for customers and employees of the bank. First and foremost, Knab/Aegon Bank is a great company with a strong position in the Dutch market, an ASR spokesperson said. After we have completed the transaction, July 2023 at the earliest, we will think about the future of the bank. Aegon referred comment to ASR.