Tuesday, November 12, 2013

BinckBank NV ("BinckBank") and SNS Bank NV ("SNS Bank") have agreed on the takeover of fund supermarket Fundcoach ("Fundcoach") by BinckBank. Fundcoach is currently part of SNS Bank.

With the takeover of Fundcoach, BinckBank responds on changes in the market following the abolition of kickback fees. After the takeover, BinckBank's market share increases to over € 1 billion in managed funds. BinckBank is convinced that economies of scale are a precondition to offer a sustainable and independent range of mutual funds.

Guido van Aubel, Managing Director at BinckBank:
"First of all, I would like to welcome the customers of Fundcoach. I emphasize that BinckBank, as an investment specialist, will carefully listen to the great need of investors for mutual funds. The market share of households that invest in mutual funds continues to rise. This confirms the appetite among Dutch retail investors for mutual funds.As a consequence of the abolition of kickback fees as per 1 January 2014, we expect that some retail investors might be sensitive to the high advisory fees for mutual funds. Combined with a declining range of mutual funds offered by the major banks, this could lead to a shift towards 'execution only'. With the mutual fund supermarket, BinckBank customers have access to a wide variety of high-quality mutual funds not offered by major banks. BinckBank will also add ETFs to its product range. This fits perfectly with providing the DIY investor who wants to investindependently without the daily hustle and bustle of the stock market."

Ton Timmerman, Director Customer Relationship Management & Commercial Support at SNS Bank:
"We are pleased this agreement enables our SNS Fundcoach customers to be accommodated at a company with a good track record in the area of retail investing. SNS Bank will focus on its core banking activities such as savings, payments and mortgages. This ambition requires a different ind of investment solutions for retail customers".

Fundcoach has over 30,000 customers and the assets under management amount to over € 600 million. Completion of the takeover is envisaged for the second quarter of 2014, provided DNB gives approval by issuing a Declaration of no objection for both SNS Bank and BinckBank.

For more information please contact

Corporate Communications

Hilbert Bredemeijer

+31 (0)6 - 13 88 03 81

corporatecommunicatie@snsreaal.nl

Chantal van den Berg

+31 (0)6 - 51 41 49 69

corporatecommunicatie@snsreaal.nl

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