Tilburg, Achmea wants to grow its mortgage activities and so Syntrus Achmea Real Estate & Finance proposes to set up a separate account for providing mortgages through the Centraal Beheer brand. This means that institutional investors from the Netherlands and elsewhere will be able to invest directly in their own portfolios of Dutch residential mortgages with the risk profile they want. Achmea is, therefore, offering greater choice to institutional investors.
Achmea Bank intends to be an investor in the separate account and to run its future mortgage business through Syntrus Achmea.
This expansion of its service to institutional investors allows Achmea to enhance its strengths in the housing and mortgage markets and to grow its market share. It will be in a position to offer even better service by providing appropriate and sustainable mortgage solutions to institutional investors.
This is a further step towards combining its mortgage activities that Achmea has announced previously.
The creation of the separate account is subject to the approval of the relevant regulators and other stakeholders, including the Supervisory Boards.
Achmea Bank N.V. has successfully issued €500 million covered bonds under the €5 billion Conditional Pass-Through Covered Bond programme. This is the third issuance under this programme and raises the amount currently issued under this programme to €1.5 billion.
The transaction has been very well-received in the capital markets with broad interest among European institutional investors. Over 100 investors participated and the total volume was in excess of €2.8 billion.
Achmea Bank will use the proceeds to refinance parts of its existing Dutch mortgage portfolio.
The bonds have a duration of 5 years with 16 June 2025 as a maturity date. They were issued at 24 basis points over mid-swap, leading to a coupon of 0.01%.
The bond is rated ‘Aaa’ by Moody’s and ‘AAA’ by Fitch and will be listed on Euronext Amsterdam. The covered bond has been placed by a syndicate of banks consisting of ABN AMRO, DZ Bank, ING, Rabobank, Société Générale en UniCredit.
Achmea Bank N.V. has decided to suspend dividend distributions to its shareholder until there is greater clarity regarding the impact of the coronavirus. By taking this action, the company follows the call from the European Central Bank (ECB) and the Dutch Central Bank (DNB). In the second half of 2020, Achmea Bank will determine if a distribution on the shares can still be made, based on developments related to the coronavirus and the financial position.
The ECB and DNB have recently urged banks to maintain their financial buffers and to refrain from dividend distributions at this moment. This is because the impact of the coronavirus on the economy is significant and the scale and duration of the crisis are still uncertain.
Although Achmea Bank's solvency and liquidity position is robust, Achmea Bank has decided to follow the ECB's and DNB's call to suspend the dividend payment until further notice.
Achmea Bank’s Annual General Meeting will be held shortly. In this meeting, it will be proposed to add the 2019 profit to the reserves.
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Achmea Bank is part of Achmea, the largest insurer in the Netherlands. We provide mortgages and savings products to private individuals under the brand names Centraal Beheer and Woonfonds. We complement Achmea's insurance propositions with savings and mortgage products. In doing so, we strive for the full trust of all our stakeholders: customers, distribution partners, employees, regulators, investors and the shareholder.