BinckBank to increase focus on core activities

by Isabelle van Ast | Nov 11, 2013
Review launched into sale or alliance for BPO (Business Process Outsourcing) and software and licensing activities of Able BV.

As part of a proposed divestment, BinckBank is initiating a review of the options for a sale or alliance for its non-banking activities, which comprise the BPO and software & licensing activities. The software and licensing activities are performed by Able B.V., an independent unit of BinckBank NV The BPO services are provided by BinckBank NV (Professional Services). The aforesaid units operate jointly in the market under the name “Able”.

With the proposed divestment, BinckBank is according strategic priority to an accelerated realisation of its Retail strategy for the (European) online brokerage and asset management services.

Able is the market leader in the Netherlands in the field of the aforesaid non-banking activities, which require further investment to become profitable. A potential sale or alliance with other parties will provide a better basis for Able’s non-banking activities to realise the potential built up by this unit of BinckBank (Professional Services). Able’s management supports the review and would welcome an acquisition or alliance with other parties. Able’s services to independent wealth managers and their (retail) customers are not part of the review.

Advice will be requested to the Works Councils of BinckBank NV and Able BV.

In the review, BinckBank will protect the interests of all stakeholders, including employees, customers and shareholders, as much as possible. The quality of services to professional customers will be safeguarded, regardless of the outcome of the review.

BinckBank will be assisted by Kempen & Co and others in the review.

BinckBank will inform the market of the results of the review as soon as there is cause for doing so.

About BinckBank N.V.
BinckBank is an online bank for investors, ranked in the top five in Europe. As an online broker, it offers its clients fast, low-cost access to all the important financial markets around the world. As an online bank for investors, BinckBank helps its clients look after their capital with BinckBank’s online asset management services and online savings. BinckBank offers its professional clients fast, low-cost order execution and administrative processing of securities and cash transactions, in the form of insourcing (client BPO) or licensing of the appropriate software.

BinckBank is an independent online bank for investors, which is listed on Euronext Amsterdam. We have offices in the Netherlands, Belgium, France, Italy, and Spain. BinckBank has 590 FTEs at end of 2012. Our operations are split into two business units: Retail and Professional Services. BinckBank was formed in 2000 and has now more than 762,000 account holders.

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