BinckBank intends to sell Able to BlackFin Capital Partners
July 21, 2014 - London
On July 18th BinckBank has reached agreement with BlackFin Capital Partners on the sales process of its BPO- (Business Process Outsourcing), software & licensing activities, operated under the label Able and have signed a letter of intent. Able is the business unit in BinckBank servicing professional clients (B2B). Able is market leader in the Netherlands in the field of outsourced processing of securities transactions for financial institutions and in offering its software under license.
Koen Beentjes, CEO BinckBank:
"Through the sale of Able we can put more focus on our core activities online brokerage and wealth management services for the European retail market and herewith accelerate our growth. We believe that with BlackFin we have found, to the benefit all our stakeholders, a party with great expertise in the business area of Able to whom we trust the ongoing servicing of our current clients."
Pieter Aartsen, MD BinckBank's BPO-business and CEO of Able BV:
"With BlackFin we found the perfect partner with exceptional expertise in the financial services industry in Europe. I am very much looking forward to my new role as future CEO of the leading Dutch provider for securities processing and licensing services."
Laurent Bouyoux, Managing Partner of BlackFin Capital Parters:
"Able's software suite Europort is a state-of-the-art banking system for administration of retail accounts with a dominant position in the Dutch market. Able developed a unique BPO-offer based on the expertise earned servicing BinckBank for a decade. BlackFin's ambition is to strengthen Able's leadership in the Netherlands and Belgium by gaining new clients, capitalizing on its rich set of functionalities and premium client portfolio. We strongly believe that the company will benefit from the current trend of financial institutions willing to outsource and wish to accompany Able and its management in becoming a leading European financial services provider."
The transaction will have no impact on employees of Able. The transaction is aimed for to be completed on January 1, 2015. The standard approvals will be obligatory for completion of a transaction.
More information about Able can be found at www.able.eu
About BinckBank N.V.
BinckBank is an online bank for investors, ranked in the top five in Europe. As an online broker, it offers its clients fast, low-cost access to all the important financial markets around the world. As an online bank for investors, BinckBank helps its clients look after their capital with BinckBank's online asset management services and online savings. BinckBank is an independent online bank for investors, which is listed on Euronext Amsterdam. We have offices in the Netherlands, Belgium, France, Italy, and Spain. BinckBank has 600 FTEs at end of 2013. BinckBank was formed in 2000 and has now more than 552,000 account holders.
About BlackFin Capital Partners
BlackFin Capital Partners is a Private Equity firm taking influential stakes in financial services companies (broker/dealers, insurance brokers, asset and/or wealth-managers, outsourcing and processing firms, payment providers, Internet financial service providers.) across continental Europe. BlackFin thus backs successful management teams by bringing them growth equity and expertise to enable them to benefit from opportunities in a sector which is undergoing major transformations.
Public Relations BinckBank
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Investor Relations BinckBank
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Source: BinckBank N.V. via Globenewswire