Rabobank, the Dutch bank cooperative, has decided to wind up its stand-alone property lender brand, FGH, and to fully integrate the business into the group.
Rabobank, the Dutch bank cooperative, has decided to wind up its stand-alone property lender brand, FGH, and to fully integrate the business into the group.
FGH Bank’s current chairman Peter Keur will step down with effect from 1 February 2015. By mutual agreement he will continue to work with Rabobank as a consultant on real estate issues until 1 June 2015.
Research published by PropertyNL - the sister publication of PropertyEU - ranked FGH Bank as the largest financier of commercial real estate in the Netherlands with a loan portfolio of €19.6 bn at mid-2014.
The integration was announced to staff and customers of FGH Bank and Rabo Real Estate Group on 20 January as part of strategic moves by the Rabobank designed to reshape the collective bank as 'One Rabobank’.
Jan van Nieuwenhuizen, member of Rabobank’s executive board, emphasised that real estate financing remains an important activity within the Rabobank. 'The expertise that FGH Bank has built up will be carried forward to a new real estate centre of expertise within Rabobank. This will allow us to offer more direct contacts to customers and put our collective real estate and banking expertise to the very best use. The purpose is to offer our customers the best possible service.'
Fred Weenig will succeed Keur as chairman of the board, subject to approval by the regulator. Weenig was previously director of Wholesale Clients Netherlands at Rabobank, and he has also been appointed as integration manager for the FGH process.
