Fortis Bank Nederland and BGL have sold Intertrust to private equity firm Waterland, which will acquire 100 per cent of the shares in Fortis Intertrust Group Holding.
Fortis Bank Nederland and BGL have sold Intertrust to private equity firm Waterland, which will acquire 100 per cent of the shares in Fortis Intertrust Group Holding.
Intertrust is one of the largest players in the global trust and corporate management services sector employing more than 1,000 experts worldwide in over 20 countries.
Jan van Rutte (pictured), chief executive of Fortis Bank Nederland, says: ‘This step allows Intertrust management and Waterland, as the new owner, to fully capture opportunities in the trust sector. This step also allows Fortis Bank Nederland and BGL to re-focus on their core banking activities. We are confident that with Waterland as the new owner, Intertrust will expand its market leadership through continued client servicing at the highest standards and we look forward to maintaining a close relationship with Intertrust.’
David de Buck, chief executive of Intertrust, says: ‘We are extremely pleased with Waterland as our new shareholder. Waterland has an entrepreneurial approach which mirrors the culture within Intertrust. Following our recent rebranding, the change of shareholder is an important step for Intertrust going forward. These changes will support Intertrust to further strengthen its strong position in the sector and to capture new opportunities.’
Lex Douze, principal at Waterland, adds: ‘We have a strong belief in the ongoing potential of the trust industry. Intertrust has achieved an excellent position in this market by delivering consistent, high quality and extremely reliable services for over 50 years. We intend to support Intertrust in further strengthening this position through organic growth and add-on acquisitions. We look forward to working together with Intertrust management and maintaining a close relationship with Fortis Bank Nederland and BGL.’
Fortis Bank Nederland, BGL and Waterland have reached agreement on the divestment of Intertrust to Waterland. The sale is expected to be finalised in late 2009, after obtaining regulatory and other necessary approvals.
Waterland Private Equity Investments is an independent private equity firm active in the Netherlands, Germany and Belgium with EUR1.4bn funds under management.
