Saxo Bank’s BinckBank divests non-core mortgage portfolio to Achmea
Copenhagen based Retail FX and CFDs broker Saxo Bank has announced that its BinckBank unit has divested of a Dutch residential mortgages portfolio worth €460 million (USD $547 million) to Achmea Bank. Achmea Bank is part of Achmea, the largest insurance company in the Netherlands.
This sale concludes the total divestment of BinckBank’s entire residential mortgages portfolio, as the remaining part of the portfolio worth €235 million is being acquired by an undisclosed buyer.
The residential mortgages portfolio was acquired by BinckBank in 2016. BinckBank was acquired by Saxo Bank last year for €424 million.
Liesbeth Sinke, Chief Financial & Risk Officer at BinckBank commented on the transaction:
“The divestment of the mortgage portfolio is in line with the Saxo Bank Group’s strategy of fully focusing on our core activities. BinckBank does not offer a broad suite of traditional banking products such as residential mortgage lending – but has a dedicated focus on facilitating access to global financial markets as well as servicing our clients’ investments and their need for financing these investments.
Over the past years and particularly in 2020, we have had significant growth in the number of new clients looking to take control over their investments. Supporting our growing client base in navigating the financial markets is where our core activities are.”