AMSTERDAM (Reuters) – Fortis Bank Nederland said on Friday it sold its trust and corporate management business Intertrust to private equity firm Waterland, removing a potential conflict of interest for the Dutch state.
When Fortis’s Dutch operations were nationalised in Oct. 2008, Intertrust was included in the package — putting the government in charge of a business that helps companies minimise their tax burdens.
Terms of the sale were not disclosed. Fortis Bank Nederland and its former Fortis affiliate BGL said the sale should close by the end of the year, pending regulatory approvals.
Intertrust has more than 1,000 employees in 20 countries. Waterland has a 1.4 billion euro portfolio, including holdings in travel and medical companies and nursing homes.
In a statement, Waterland said it intended to expand Intertrust’s operations through internal growth and bolt-on acquisitions.
(Reporting by Ben Berkowitz; editing by John Stonestreet)