Heerlen, Amsterdam - September 01, 2008
Press release: Merger APG Group and Cordares finalised
APG Group N.V. and Cordares Holding N.V. have finalised their merger today. As from 1 September 2008, APG consists of a combination of the strengths of three leading companies: APG Algemene Pensioen Groep N.V., Cordares Holding N.V. and Loyalis N.V.
As a result of the merger, a pension administration organisation has come into being that is a strong supporter of the Dutch pension system, which is based on collectivity and solidarity. Dick Sluimers, Chairman of the Executive Board
of APG Group: “This exceptional pension system deserves an administrative organisation that is as strong as possible. Our group is committed to the modernisation of this pension system so that it remains attractive for future
generations. The company mission is maintaining the vitality of a pension system based on collectivity and solidarity.”
Approval of the merger
The Netherlands Competition Authority (NMa), the Dutch Central Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) have no objections to the merger. According to the NMa, competition will not be limited
on the markets for services provided by pension administrators. APG Group is one of the most important players in the collective pension market in the Netherlands. The organisation manages approximately 230 billion euros and serves over 4 million pension fund members in various sectors. The organisation manages and administrates over 30% of all collective pensions in the Netherlands. Adri van der Wurff, member of the Executive Board of APG Group: “The merger results in economies of scale and market advantages that will ultimately benefit the retirement provisions of millions of citizens.”
Expansion now a fact
APG Group is the sole shareholder of APG Algemene Pensioen Groep and Loyalis. APG Group holds a 51% interest in Cordares Holding. Cordares Holding has sold its insurance operations to Loyalis. This has been effectuated through a share issue by Loyalis to the shareholders of Cordares Holding, who thus acquired an interest of 10% in Loyalis.
The new group employs approximately 4,000 people.
Core business
Through its pension administrators, APG Algemene Pensioen Groep and Cordares, APG Group provides management support, pension administration, asset management and pension communication for pension funds. Loyalis offers additional products for income security to employers and employees in the sector Government and Education and of Energy and Utility companies.
Cordares Verzekeringsgroep [Insurance] caters to the sectors Construction and Housing Corporations.
APG Group is already active, together with Cordares, on the international market. The ambition is to expand these activities. This is based on the conviction that the expansion of collective pension products, also abroad, will
benefit the base of support for the Dutch pension system.
Advantages of the merger for pension funds
- The asset management company of APG Group has worldwide access to the best market parties and all possible investment propositions at attractive conditions. Pension funds can profit from this combination of expertise, innovation, economies of scale and cost advantages.
- Scale in combination with innovative techniques for asset and risk management, whereby the investment policy (as opposed to banks and insurance companies) is not directed at profit maximisation for the company, but at promoting the collective stakeholders' interests such as the cover ratio of pension funds and the indexation of pensions. And
aiming for the best return for pension fund members on the long run.
- Integrated front office and back-office systems ensure direct interaction with members of collective pension fund schemes.
- Collection and payments take place using advanced technology that is constantly being developed.
- Communication with employers, pension fund members and pensioners in line with the trusted corporate identity of the pension fund. Clear information on the accrued pension entitlements, the financial consequences on the long term and the options and choices for maximum income security.
Profile APG Group
APG Group is a strong supporter of the Dutch pension system, which is based on collectivity and solidarity.
APG Group is also committed to the renewal and innovation of the pension system so that it remains attractive for future generations. Through Cordares and APG Algemene Pensioen Groep, APG Group provides products and services for pension funds in the field of pension administration, communication, asset management and management support. APG Group provides products and services in the field of additional income security through Loyalis and Cordares Verzekeringsgroep. For more information: www.apggroup.com.
Profile of Cordares
Cordares is a specialist in pension management and income insurance for more than one million Dutch citizens. With approximately 26 billion euros under management, an excellent track record, and expertise that has been
built up since 1952, Cordares is a strategy and policy-determining player in the financial services sector.
For more information: www.cordares.com.
Executive Board APG Groep N.V., composition as of 1 September 2008
The Executive Board consists of:
- Dick Sluimers (Chairman and Chief Executive Officer)
- André ten Damme (Chief Financial Officer)
- Roderick Munsters (Chief Investment Officer)
- Jo van Engelen (Chief Marketing Officer)
- Adri van der Wurff (Chief Operations Officer, former Chairman of the Board of Cordares Holding).
Supervisory Board APG Groep N.V.
The Supervisory Board consists of:
- Elco Brinkman (Chairman, chairman of Bouwend Nederland, former minister of the Ministry of Health, Welfare and
Sport, former chairman of the CDA party in the Dutch Parliament)
- Guy Verhofstadt (Vice-chairman, former prime minister of Belgium)
- Sjoerd van Keulen (Chairman of the Executive Board of SNS Reaal)
- Chris van Boetzelaer (Former executive board member of Fortis Bank Brussels and former chairman of
Mees Pierson Private Bank and Trust)
- Ton Nelissen (Former executive board member Dura Vermeer Group)
- Ton Rolvink (Executive board member Algemene Onderwijs Bond)
- Ieke van den Burg (Member of the European Parliament on behalf of the Dutch labour party PvdA)
- Paul Rosenmöller (Former member of the Dutch Parliament, former party chairman of GroenLinks,
programme developer).