#Knab #sold #ASR #Austrian #bank #BAWAG #Economy
01 Feb 2024 at 08:11
The online bank Knab comes into Austrian hands. Insurer ASR acquired Knab last year when it took over Aegon Netherlands, but is now selling the bank on again.
ASR will receive 510 million euros for Knab, a relatively small bank with more than 300,000 customers. Many of these customers include self-employed people.
The Austrian BAWAG will pay another 80 million for the management of mortgages that were on the balance sheet at Knab. The deal will probably not be completed until the second half of 2024, partly because regulators still have to approve the deal.
Knab was founded in 2012 as an alternative bank, with the word ‘bank’ backwards in the name. Founders wanted to offer customers more services than just a checking account with a kind of subscription package. Knab gradually focused more and more on small entrepreneurs.
Initially, Knab was independent, but the bank did work under a license from Aegon. Later, Knab merged with Aegon’s banking branch. ASR took over all of Aegon’s Dutch activities in 2023. And that included Knab. The insurer had already announced that it was looking for another destination for the bank.
BAWAG is a banking group with one of the four largest banks in Austria. BAWAG has already been active in the Netherlands with mortgage consultancy firm Hypotrust and several loan brands.
Image: ANP
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