NETHERLANDS - Delta Lloyd Group and Deutsche Bank have agreed to the exclusive distribution of pension products to Deutsche Bank's business clients in the Netherlands through the labels of pension insurer Delta Lloyd.
Under a 30-year contract, BeFrank - the joint-venture between BinckBank and Delta Lloyd - is to become Deutsche Bank's exclusive partner for Dutch business clients who want to conclude a collective defined contribution plan with the new pensions vehicle PPI.
The pensions insurer added that BeFrank and Deutsche Bank were also developing a pension variant for business clients.
According to Deutsche Bank, the co-operation fits within its aim to provide a full range of financial services to its business clients.
Saskia Huuskes, a spokeswoman at Deutsche Bank, said: "A number of the 34,000 clients we have taken over from ABN Amro in 2010 already had pension arrangements. We want to continue this service through Delta Lloyd."
She declined to provide details about the estimated scale of the market.
Pensions insurer Delta Lloyd said it would exploit its benefits of scale in pensions to help Deutsche Bank to expand in the Dutch market.
The companies said providing advice on pensions and selling pension products through the bank would be an "excellent service" for business clients.
Among the services offered by Delta Lloyd Group are pensions and asset management for both the Dutch and the Belgian markets.