NETHERLANDS - APG Investments - the wholly-owned asset management company of the giant Dutch pension fund ABP - and Cordares Holding have today formally merged.
The two parties signed an agreement to merge the companies in April this year and launched the newly-merged entity today, as expected. (See earlier IPE story: APG and Cordares sign merger deal)
The merger will see the creation of a giant pension administrator, now managing €230bn in pension assets, to serve four million participants of government, education, construction and housing corporation industry pension schemes in the Netherlands.
Cordares and APG said in a joint statement the The Netherlands Competition Authority (NMa), the Dutch financial markets authority (AFM) and Dutch pension regulator and central bank DNB had no objections to the merger.
"According to NMa, there are no competition limitations on the markets for pension provider services," said the two firms in the statement.
APG Groep is 100% shareholder of APG Algemene Pensioen Groep and
Loyalis, while holding a 51% stake in Cordares Holding.
Cordares has sold its life insurance company to Loyalis via a share emission to the shareholders of Cordares Holding, who now have a 10% stake in Loyalis.
And ABP's Dick Sluimers is chairman of the executive board of APG Groep.
In July, APG announced Olaf Sleijpen, director of strategy and policy at APG, would be promoted to take over as director for institutional clients after the merger between APG and Cordares has been completed. (See earlier IPE story: ‘APG promotes Sleijpen into Cordares' institutional role')
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