De Volksbank completes legal merger with de Volksholding

De Volksbank announces the completion of the legal merger between de Volksbank N.V. (de Volksbank) and de Volksholding B.V. (de Volksholding), as of 30 March 2019. The bank announced the intended legal merger on 15 February of this year, subject to approval from the supervisory authorities. This approval has now been obtained. The sole shareholder of de Volksholding, Stichting administratiekantoor beheer financiële instellingen (NLFI), has consented to the merger.

With the completion of this merger, de Volksholding ceased to exist. As a result, NLFI has become sole shareholder of de Volksbank. There will be no change for the holders of debt securities issued by de Volksbank.

Due to the interpretation of Article 82 of the Capital Requirements Regulation (CRR) of the European Banking Authority (EBA), de Volksbank’s Tier 2 capital became less than fully effective. The total capital ratio on a consolidated basis at year-end 2018 was 37.1%, where this would have been 40.8% in the absence of the EBA’s interpretation. The merger fully mitigates the impact of the EBA interpretation, restoring de Volksbank’s Tier 2 capital to full effectiveness as of March 30, 2019. The merger also simplifies administrative processes and reduces administrative costs. It has no other material effects.

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