Nationale-Nederlanden Bank’s annual report is available for download here. 

Guido Bosch joins NN from international bank ING, where he started his career in 1996 and held various senior leadership positions. Most recently, he was Head of Daily Banking at ING Netherlands, where he was responsible for transforming the retail banking business by optimising the distribution model and enhancing the customer experience. Prior to this role, he held leadership positions at ING’s online banking franchise, ING Direct.  

Tjeerd Bosklopper, CEO Netherlands Non-life, Banking & Technology: ‘With the appointment of Guido, we are welcoming a leader with extensive experience in retail banking, digital transformations, and a strong focus on the customer. This will further support NN Bank’s growth as a digital retail bank.’

Nationale-Nederlanden Bank’s annual report is available for download here. 

Marcel joined NN Group from Delta Lloyd in 2017 as Chief Transition Officer and member of NN Bank’s Management Board. In this role, he led the integration of NN Bank and Delta Lloyd Bank. In 2019, he was appointed CEO of NN Bank. In this role, he contributed to the further growth of NN Bank as a digital retail bank. Prior to joining NN, Marcel was CEO of Delta Lloyd Bank and CEO of Quion Group. 

Tjeerd Bosklopper, CEO Netherlands Non-life, Banking & Technology: ‘Over the past years, Marcel has made a significant contribution to the development of NN Bank, accelerating the bank’s digital transformation resulting in considerable growth and improved customer engagement. On behalf of the Management Board, I would like to thank Marcel for his dedication to NN. We wish him all the best in his new role.’

Erik Muetstege has a strong track record of 30 years in the financial services industry, mainly in the retail banking sector where he has held various executive positions at Postbank, Westland Utrecht and Nationale-Nederlanden. Currently, he holds several Supervisory Board positions in the financial industry.

Marcel Zuidam, CEO of NN Bank: 'We are grateful for André Bergen's many years of dedication to NN Bank. With his extensive experience in the banking industry, support and dedication he has played a pivotal role in the growth of the bank. I welcome Erik Muetstege and I very much look forward to our cooperation.'

The appointment of Erik Muetstege as Chair has been approved by The Dutch Central Bank (DNB), the Dutch supervisory authority.

Photo Erik Muetstege

Nationale-Nederlanden Bank’s annual report is available for download here. 

Nationale-Nederlanden Bank’s annual report is available for download here. 

Nadine van der Meulen joined NN Group in 2018 as Head of Corporate Development & Group Strategy. In this position she supported the Management Board of NN Group in strategic decisions about the group’s portfolio of businesses and financial objectives. From 2005 to 2018, Van der Meulen worked at Morgan Stanley in London where she held various (management) positions, including as an Insurance Equity Research Analyst. From 1999 to 2005 she was employed by Goldman Sachs in London.

Marcel Zuidam, CEO NN Bank: 'Nadine brings years of broad international experience in the financial sector and knowledge of financial markets. With her energetic personality and strong communication skills, she has achieved impactful results in the field of strategy, mergers & acquisitions and other complex projects. I welcome her to our team and look forward to working with her on the further growth of NN Bank.'

Nationale-Nederlanden Bank’s annual report is available for download here. 

About NN Bank

NN Bank offers retail banking services - savings, bank annuities, retail investments, mortgages and consumer loans - to approximately one million customers, primarily in the Netherlands. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 18 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

•  NN Group profile 

NN Group is an international financial services company, active in 11 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, banking and investments to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, ABN AMRO Insurance, Movir, AZL, BeFrank, OHRA and Woonnu. NN Group is listed on Euronext Amsterdam (NN).

•  Important legal information 

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group’s core markets, (2) the effects of the Covid-19 pandemic and related response measures, including lockdowns and travel restrictions, on economic conditions in countries in which NN Group operates, on NN Group’s business and operations and on NN Group’s employees, customers and counterparties (3) changes in performance of financial markets, including developing markets, (4) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (5) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in investor, customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations and the interpretation and application thereof, (14) changes in the policies and actions of governments and/or regulatory authorities, (15) conclusions with regard to accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to NN Group of net operating loss, net capital and built-in loss carry forwards, (17) changes in credit and financial strength ratings, (18) NN Group’s ability to achieve projected operational synergies, (19) catastrophes and terrorist-related events, (20) adverse developments in legal and other proceedings and (21) the other risks and uncertainties contained in recent public disclosures made by NN Group.

Any forward-looking statements made by or on behalf of NN Group speak only as of the date they are made, and, NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.

About NN Bank

NN Bank offers retail banking services - savings, bank annuities, retail investments, mortgages and consumer loans - to approximately one million customers, primarily in the Netherlands. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 18 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

NN wants to support our customers with products and services that have a positive environmental impact. With this aim we launched Woonnu, a full subsidiary of Nationale-Nederlanden Bank, to make sustainable homes an even more attractive option for our customers. On its first anniversary of operation, Woonnu has already captured close to 1% of the Dutch mortgage market, showing it clearly meets a customer need.

Woonnu responds to the increasing demand of home buyers, mortgage advisors and investors for sustainable and contemporary solutions. The mortgage provider supports and rewards consumers who are looking to buy an energy-efficient home or who are taking steps to make their current home more eco-friendly.

Supporting the transition to a greener energy label

In the Netherlands, all homes must have an energy label when they are built, sold or rented, ranking from A to G. Homes with an ‘A’ label are considered the most energy efficient, while homes with a ‘G’ label are the least energy efficient. Woonnu supports sustainable living with a discount on mortgage interest for homes with a high energy label (A and B). Since its launch in August 2020, Woonnu has established a strong portfolio of mortgages, with 90% of customers having an A energy label or plans to move to an A energy label.

Going forward, Woonnu wants to attract customers with a lower energy label and support them with the conversion to a more energy efficient home. Homeowners investing in energy-saving measures such as solar panels or insulation receive a discount with each progression to a higher label. Woonnu rewards customers at every step in the process from a B energy label, with the interest rate discount applied for the entire mortgage term and for the entire mortgage.

Sustainable housing for everyone

Making our homes more sustainable is not only good for the planet, it can also result in a lower energy bill and it may even increase a home’s value. To give consumers insight into potential energy savings also when taking out or refinancing a mortgage, Woonnu’s verduurzamingscheck (sustainability check) allows for an assessment of a property’s potential. This check can be followed by a visit from partner Susteen who provides a tailored sustainability report.

Woonnu works closely with financial intermediaries, who play an important role in supporting customers considering improving the energy efficiency of their home, either when they purchase of a new home or when refinancing the mortgage. Research by Woonnu shows that 77% of customers think sustainability is an important factor in the purchase decision.

Patricia Plass, CEO of Woonnu: ‘At Woonnu we believe that sustainable housing should be possible for everyone. That is why we help consumers and mortgage advisors with our sustainability checks and support Woonnu clients undertaking the actual sustainability conversion.’

Hendrik Jan Luikinga, Chief Investment Officer at Woonnu: ‘Our focus on sustainability has resulted in a high quality green portfolio which is very attractive for investors. A unique differentiator in the market.’

Watch the video, where Patricia explains how Woonnu aims to contribute to a more sustainable housing market in the Netherlands.

Commitment of the financial sector to the Dutch climate agreement

With Woonnu, Nationale-Nederlanden underlines its commitment to the Dutch Climate Agreement which aims to reduce CO2 emissions by 49% by 2030, compared to 1990 levels.

As part of this commitment, Nationale-Nederlanden Bank and Woonnu in May 2021 joined two European sustainability initiatives with the aim of making the mortgage market more sustainable.

Mr Bergen, currently an independent member of the Supervisory Board and Chair of the Audit & Risk Committee, has been appointed as the new Chair of NN Bank’s Supervisory Board as of 1 June 2021. Mr Bergen has extensive experience in the field of management and supervision in the banking sector, including as board member of Generale Bank, later Fortis Bank; CEO of KBC Group; member of the supervisory board of Delta Lloyd Group and Delta Lloyd Bankengroep and NIBC. André Bergen’s appointment as Chair has been approved by The Dutch Central Bank (DNB), the Dutch supervisory authority.

Nationale-Nederlanden expresses its gratitude and appreciation for Hein Blocks for his long-term commitment and his unwavering support as Chair of NN Bank’s Supervisory Board.

Anne Snel has been appointed Chair of the bank’s Audit & Risk Committee as of the same date. Ms Snel is already an independent member of the supervisory board of NN Bank and a member of the supervisory board of NatWest Markets N.V. Ms Snel is currently partner at DIF Capital Partners and is responsible for risk management, compliance and legal activities. Previously she headed Integrated Risk at Rabobank and worked at DNB as senior supervisor and interim department head. Before this, she held a variety of roles at ABN-AMRO Bank over the course of her 16-year career there. Anne Snel’s appointment has been approved by The Dutch Central Bank (DNB), the Dutch supervisory authority.

About NN Bank

NN Bank offers retail banking services - savings, bank annuities, retail investments, mortgages and consumer loans - to approximately one million customers, primarily in the Netherlands. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 18 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Marcel Zuidam, CEO Nationale-Nederlanden Bank: 'Nationale-Nederlanden Bank is actively working to enable a sustainable housing market for our customers and thus contribute to realising the commitment of the financial sector to the Dutch climate agreement. By joining the EEMI and EEML initiative, we can actively contribute to developing sustainable investments in energy-efficient mortgage loans at Nationale-Nederlanden Bank and our sustainable mortgage label Woonnu.'

Patricia Plass, CEO Woonnu: 'Sustainable mortgages are the DNA of Woonnu. By targeting consumers, financial intermediaries and investors, we have created a platform that is fully focused on supporting customers in making their homes more sustainable. We are gaining further insights into what works best from the perspective of the customer and intermediary. We look forward to sharing this experience with the other members of EEMI, both at the European and national level through the EEMI NL Hub.'

Sustainability of the financial sector

With the European Green Deal in place to achieve the objectives set out in the Paris Agreement, the European Commission and the various supervisors have put sustainable finance on the agenda. In addition, the market for sustainable financing has grown significantly in recent years. Almost all institutions and governments issuing capital market bonds have started issuing ‘green’ bonds. These are bonds that meet specific sustainability criteria that allow investors to include them as green investments in their portfolios. The goal is to include the requirements of the EEML. As one of the first participating banks, Nationale-Nederlanden Bank will make an active contribution to further developing the EEML.

About EEMI and EEML

EEMI is the European Commission's direct point of contact and represents the European mortgage sector. With the connection, Nationale-Nederlanden Bank and Woonnu proactively participate in discussions about regulations and other developments in the field of mortgage sustainability. In addition, Woonnu is one of the initiators of the EEMI NL Hub: the platform that contributes to the development and implementation of energy efficient mortgages at a national level. In February 2021, the European Mortgage Federation introduced the EEML and 24 institutions from 11 countries have now joined.

More information

Energy Efficient Mortgages

EEM Label (energy-efficient-mortgage-label.org)

Nationale-Nederlanden Bank’s annual report is available for download here. 

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

The new Covered Bond Programme will allow further diversification of the debt investor base and enhance flexibility with respect to bond tenors.

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Nationale-Nederlanden Bank’s annual report is available for download here.  

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Kees van Kalveen has been Head of Treasury and a member of the Management Team at NN Bank since 2013. Prior to 2013, Van Kalveen held various management positions at financial institutions in the field of finance, structured finance and treasury.

Marcel Zuidam, CEO of NN Bank: ‘I am pleased that we have been able to appoint an experienced candidate from our own company for the position of CFO at NN Bank. Kees has broad financial and management experience, including in the field of Capital Markets. In recent years, he has played a leading role in further strengthening the bank’s funding profile.’

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Pieter Emmen is currently director of Finance and Risk at Achmea Bank Holding, a position  he has held since 2017. Prior to this, he worked for more than twenty years at Rabobank, including as director of Rabo Mortgages Bank, director and chairman of Rabobank Re Insurance and director of Group Risk Management.

Marcel Zuidam, CEO of NN Bank: 'I am pleased that we were able to appoint an experienced candidate for this position at Nationale-Nederlanden. Pieter is a highly experienced all-round CRO with a strong commitment to developing risk management processes and managing teams. He combines in-depth substantive knowledge in these fields with almost 20 years of management experience. I look forward to working together with Pieter.

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Marcel Zuidam, CEO of Nationale-Nederlanden Bank: 'With this important adjustment in our mortgages, we offer customers the opportunity to reduce the monthly costs of their mortgages during the fixed-interest period. This makes Nationale-Nederlanden the first larger mortgage lender to allow all its customers to automatically reduce their mortgage interest rates by redemption during the fixed-interest period.’

Automatic interest rate cut

An important change is the extension from three to nine different tariff classes. Each month, NN checks whether a mortgage can be moved into a tariff category with a lower risk premium as a result of a partial redemption. When a mortgage qualifies for this, NN automatically and immediately lowers the mortgage interest rate. Even during the fixed-interest period of the mortgage. This applies both to customers who currently already have a Nationale-Nederlanden mortgage and to new customers. Customers do not have to take any action themselves and will receive a message if their interest rate goes down.

Savings mortgages

Nationale-Nederlanden does not automatically adjust the risk premium for customers with (bank) savings mortgages. Redemptions or a higher savings value can also result in these customers receiving a lower risk premium, but it is not always advantageous for them if the mortgage interest rate falls. They can best seek advice from their advisor in this regard.

Residential value

In addition, during the fixed-interest period, customers can also receive a lower risk premium if the value of their home has increased. The customer can demonstrate the increase in value by means of an appraisal report or the current WOZ value.

Informing customers

The new tariff categories will also apply to current customers with an NN mortgage. In the coming days, Nationale-Nederlanden will be informing all customers about the new tariff classes and what this means for them personally.

Compensation as from January 2019

As previously announced, NN will compensate customers retroactively for the period from 1 January 2019 until the introduction of the new tariff classes on 27 July 2019. This applies to all NN mortgage customers who, as a result of redemptions, would have automatically qualified for a lower risk premium than their current risk premium. The current risk premium is compared with the risk premium of the new tariff categories.

Delta Lloyd Mortgages

For Delta Lloyd customers, too, the risk premium will automatically be adjusted during the fixed-interest period as a result of a decrease in the mortgage amount or at the customer's request as a result of a higher savings or house value. This will happen as soon as the Delta Lloyd mortgages have been migrated to Nationale-Nederlanden's systems. We will announce the rate classes and risk premiums that will apply to Delta Lloyd mortgage customers in due course.

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Sandra van Eijk has extensive experience in the fields of Finance, Control and Risk. In 2009, Sandra was appointed CFO of Nationale-Nederlanden Retail. From November 2011 to 2013, she was both CFO and CRO in a combined role. Since 2013, Sandra has been CFO of NN Bank, where she is responsible for the Financial Accounting, Management Accounting and Treasury teams. She is also statutory director of NN Bank. NN Bank has grown strongly in recent years and has integrated parts of WestlandUtrecht Bank and Delta Lloyd Bank.

Kees van Kalveen is currently Head of Treasury at NN Bank and a member of the management team of NN Bank and manager of the Treasury team.

Leon van Riet, CEO Nationale-Nederlanden Non-Life: 'I am pleased that we were able to appoint an experienced candidate from within our own company for this position. Sandra has over 24 years of experience in Finance and Risk. She combines in-depth knowledge in these fields with almost 20 years of management experience. She has gained this experience in both the insurance and banking businesses.’

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

NN Bank’s annual report is available for download at here.

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

Since NN Group’s acquisition of Delta Lloyd in 2017, Marcel Zuidam has been a member of NN Bank’s Management Board, as Chief Transition Officer. In this role, he led the integration of NN Bank and Delta Lloyd Bank. From 2015 until the acquisition, Zuidam was CEO of Delta Lloyd Bank. Prior to this, he was CEO of Quion Group and held various management roles at ABN AMRO.

Erik Muetstege will take up the role of Director of Customer & Commerce, responsible for customer strategy and digital marketing in the Netherlands. He will also be responsible for NN Business Partners and Zicht Adviseurs. Erik Muetstege has been CEO of NN Bank since it was established in 2011. Prior to this, he was CEO of NN Particulieren, and between 1991 and 2010, Muetstege held various positions at ING and Postbank.

David Knibbe, Nationale-Nederlanden CEO: ‘I’m pleased that we’ve been able to appoint such very experienced candidates to these key positions at Nationale-Nederlanden. Erik and Marcel have made an important contribution to NN Bank in recent years. Erik was responsible for the development and the successful growth of NN Bank, while Marcel has led the integration of NN Bank and Delta Lloyd Bank, which is almost complete. With the appointment of Marcel as CEO, NN Bank will continue to build on its position. In the Customer & Commerce business unit, Erik will focus on the next phase of customer service and digitisation and the strategy for the Netherlands.’

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

NN Bank’s annual report is available for download at www.nn.nl/Over-NationaleNederlanden/Wie-zijn-wij/Jaarverslagen.htm.

About Nationale-Nederlanden Bank

Nationale-Nederlanden Bank N.V. (NN Bank) offers approximately one million mainly Dutch customers financial services in the field of savings, bank savings, investing, mortgages and lending. NN Bank is a subsidiary of NN Group N.V., an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. NN Group N.V. is listed on Euronext Amsterdam (NN).

NOT FOR PUBLICATION,DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANTLAWS OF SUCH JURISDICTION

NN Bank announcedtoday that it has priced its inaugural EUR 500 million Conditional Pass-ThroughCovered Bonds. The bonds, which were placed with a broad range of institutionalinvestors, have a tenor of 7 years and a fixed coupon of 0.5%.

The covered bondsare backed by Dutch prime residential mortgage loans, are rated AAA by Standard& Poor’s Rating Services and will be listed on Euronext Amsterdam (ISIN:NL0012650477).

The bonds were issuedunder NN Bank’s EUR 5 billion ConditionalPass-Through Covered Bond Programme, for whichthe Base Prospectus dated 20 September 2017 is available on our website. The Base Prospectus has been approvedby the Netherlands Authority for the Financial Markets (AFM).

The NN BankCovered Bond Programme increases the bank’s flexibility to address its ongoingfunding needs by further diversifying its sources of funding. 
 

NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

NN Bank today announced that it has established a Wholesale Debt Issuance Programme (DIP), allowing for the issuance of senior unsecured debt instruments. The prospectus for the DIP dated 26 August 2016 has been approved by the Netherlands Authority for the Financial Markets (AFM) and is available online: NN Bank funding programme.

The NN Bank DIP increases the bank’s flexibility to address its ongoing funding needs by further diversifying its sources of funding, which currently include RMBS secured wholesale funding and retail deposits. NN Bank is a wholly-owned subsidiary of NN Group. For its own funding activities, NN Group has a separate Debt Issuance Programme to facilitate the issuance of senior and subordinated debt.

NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 
 

NN Bank, a subsidiary of NN Group, has today successfully closed its second public residential mortgage backed securitisation transaction (RMBS), raising an amount of EUR 550 million in funding from institutional investors. This transaction, Hypenn RMBS IV, is NN Bank’s fourth RMBS transaction and the second to be publicly placed with a broad group of European institutional investors.

With this transaction, NN Bank has attracted new long-term funding, as part of its diversified funding strategy..

The prospectus for this transaction is available for download here.

About NN Bank

The banking business of Nationale-Nederlanden in the Netherlands offers a range of banking products that are complementary to NN's life and non-life insurance products, including mortgages and savings products.

NN Group announced today that ING Group has made a capital injection of EUR 57 million into NN Group by subscribing for newly issued shares for an aggregate amount of EUR 57 million and has through ING Bank provided a EUR 63 million additional Tier 1 capital facility to NN Bank to fulfill a commitment to the European Commission (EC) pertaining to the capitalisation of NN Bank. This commitment was included in the EC decision of 16 November 2012. The decision requires ING Group to create a competitive bank in the Netherlands separate from ING Group.

In order to meet the EC commitment, ING Group has made a capital injection of EUR 57 million into NN Group against the issuance of 2,178,899 ordinary shares in NN Group reflecting a price per share of EUR 26.16, equal to yesterday's closing share price. The shares acquired are not subject to a lock-up. NN Group has used the proceeds to make a capital injection of EUR 57 million in NN Bank. As a result of this transaction, NN Bank's phased-in common equity Tier 1 ratio has increased from 13.8% to 15.7% on a pro-forma basis as at 31 March 2015.

In addition, ING Bank has provided NN Bank with a facility, under which NN Bank has the unconditional right to draw down additional Tier 1 capital from ING Bank up to an amount of EUR 63 million until 31 December 2018 at prevailing market terms.

Previous statements in relation to NN Group’s and NN Bank’s capital position remain unaffected. NN Group’s dividend policy remains unchanged. Capital generated in excess of NN Group’s capital ambition is expected to be returned to shareholders unless it can be used for any other appropriate corporate purposes, including investments in value creating corporate opportunities. NN Group is committed to distributing excess capital in a form which is most appropriate and efficient for shareholders at that specific point in time, such as special dividends or share buy backs which may include a repurchase of part of ING Group’s shareholding in NN Group.

Following the capital injection, ING Group’s stake in NN Group has increased slightly to 54.8%. With the transactions, ING Group has achieved full compliance with the EC commitment on the capitalisation of NN Bank.

NN Bank offers a range of banking products in the Netherlands that are complementary to NN's life and non-life insurance products, including mortgages and savings products.

NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

NN Bank, a subsidiary of NN Group, has today successfully closed a residential mortgage backed securitisation transaction (RMBS), raising an amount of EUR 650 million in funding from investors. This transaction, Hypenn RMBS III, is NN Bank’s third RMBS transaction but the first to be publically placed with a broad group of European institutional investors.

With this transaction, NN Bank has attracted new long-term funding, leading to a further diversification of NN Bank’s funding profile in line with its strategy.

The prospectus for this transaction is available on www.nn-group.com.

About NN Bank

The banking business of Nationale-Nederlanden in the Netherlands offers a range of banking products that are complementary to NN's life and non-life insurance products, including mortgages and savings products.