ASR Nederland explores sale of digital bank Knab
Dutch insurance group ASR Nederland is engaging with potential buyers for its digital banking brand Knab following speculations of a sale.
ASR Nederland explores sale of digital bank Knab
The insurer first acquired the brand in July this year after buying up insurance group Aegon‘s domestic operations in the Netherlands. The deal, which was completed via €2.2 billion in cash proceeds and a 29.99% stake in ASR, included Aegon’s pension, life and non-life insurance, mortgage origination activities and banking arm Aegon Bank, which operates under the Knab brand.
Founded in 2012, Knab offers a suite of online banking and financial services, including business accounts, accounting tools, pensions and insurance, targeted at freelancers and the self-employed.
Given ASR’s arguably limited history in the consumer-facing digital banking space, news of the group seeking to part ways with Knab will likely not come as a surprise.
It previously sold part of its banking arm, ASR Bank, to Dutch insurance provider Achmea in 2019, before completely closing down the business in 2020.
In a statement posted on its website, ASR confirms that it “is reviewing the strategic options for Knab and has received non-binding offers” from prospective buyers, which its management board is “reviewing and evaluating”, in accordance with fiduciary duties.
The statement describes the Knab brand as “an integral and strategic part of ASR”, and that it is the company’s strategy to “regularly explore its strategic options for different parts of its business”.
The insurer adds that the move is “consistent” with its overall objective to “promote the sustainable success of ASR’s business” and to “enhance value for shareholders and other stakeholders”.
Despite this, the statement says that “the outcome is uncertain”. The nature of the offers or their bearers is also unclear.
