NETHERLANDS – Rabobank is replacing the board members of the Bouwfonds property development, which it is about to acquire from ABN Amro for €845m.

Rabo, which expects to complete the deal with ABN Amro on December 1, said that the fund’s chief executive officer of six years, Henk Rutgers, would be replaced by Tjalling Halbertsma, director of Rabo’s real estate division.

Also chief financial officers Pieter van der Harst will step down from December 1 to be replaced by Jos van Lange who will also be the fund’s risk officer, a spokesman for the bank said.

It is not clear yet what Rutgers and Van der Harst will do next, a spokeswoman for Bouwfonds said.

Furthermore the bank has appointed Jean Klijnen, chairman of Bouwfonds Asset Management and former senior vice president at ABN Amro’s corporate finance real estate, as head of asset management and Peter Keur, chairman of the Dutch FGH Bank, as head of real estate finance.

Only ABN Amro’s Pieter Wetselaar will remain in his position of director responsible for Rabo Real Estate.