NIBC and Kaupthing determine not to proceed with the announced acquisition
NIBC and Kaupthing determine not to proceed with the announced acquisition
* NIBC Bank N.V. profit after tax from continuing operations in 2007 1% higher at EUR 235 million
* Due to the current instability in the financial markets NIBC and Kaupthing have determined not to proceed with the announced acquisition of NIBC by Kaupthing
* Relevant regulatory submissions have been withdrawn and the share purchase agreement has been terminated
* The shareholders of NIBC endorse this determination and confirm their commitment to an independent NIBC
* In order to support NIBC’s ratings, the shareholders currently intend to contribute approximately EUR 300 million of new equity capital
* Michael Enthoven, Chief Executive Officer, and Jurgen Stegmann, Chief Risk Officer, of NIBC Holding N.V. and NIBC Bank N.V. have offered the Supervisory Board to step down from their respective positions
* Profit after tax of NIBC Bank from continuing operations in 2007 1% higher at EUR 235 million
* Net profit attributable to parent shareholders of NIBC Bank for 2007 totals EUR 91 million
* Tier-1 ratio of NIBC Bank is at a strong level of 11.7%
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