SOFINCO has entered into an agreement with ABN Amro to acquire the total capital of INTERBANK N.V. and DMC Group N.V. companies.
INTERBANK N.V. is the largest specialised credit provider in the Netherlands. INTERBANK N.V products are distributed through a brokers network. At year end 2006, It achieved EUR 2 bln outstanding. DMC Group N.V. is the third largest broker specialised in consumer credit with a “intermediated” portfolio of EUR 217 mln at year end 2006.
Already operating in the Netherlands with RIBANK N.V., a fully-owned company, SOFINCO is accelerating its development on the Dutch market, becoming the first local specialised company in consumer credit, with a market share growing from 3 percent to 14 percent.
The transaction will offer SOFINCO the opportunity to strengthen its expertise in distributing consumer credit through a brokers’ network, and to improve its performance thanks to potential synergies between both branches, with the contribution of SOFINCO’s specific know how. The acquisition is now to be reviewed by Dutch National Bank and should be effective before yearend.