Bouwfonds
Encyclopedia
Bouwfonds is an international real estate
company and one of the largest in the Netherlands
. The company was established in 1946, just after the Second World War, as local government property developer with the aim to help working class people buy their own home.. In 2000 it was sold to ABN Amro
. According to a recent report from the Dutch daily De Volkskrant
the circumstances under which the privatization took place constitute an economic scandal. As the report claims " (...) Bouwfonds staff leaked documents to ABN Amro CEO Rijkman Groenink. These included confidential details about a bid by ING
, allowing ABN Amro to trump the offer.". Since December 2006, Bouwfonds has been part of Rabo Real Estate Group
.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
company and one of the largest in the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. The company was established in 1946, just after the Second World War, as local government property developer with the aim to help working class people buy their own home.. In 2000 it was sold to ABN Amro
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
. According to a recent report from the Dutch daily De Volkskrant
De Volkskrant
de Volkskrant is a national daily Dutch morning newspaper, the leading centre-left broadsheet, although now in tabloid size.-History:...
the circumstances under which the privatization took place constitute an economic scandal. As the report claims " (...) Bouwfonds staff leaked documents to ABN Amro CEO Rijkman Groenink. These included confidential details about a bid by ING
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
, allowing ABN Amro to trump the offer.". Since December 2006, Bouwfonds has been part of Rabo Real Estate Group
Rabobank
Rabobank is a financial services provider with offices worldwide. Their main location is in the Netherlands. They are a global leader in Food and Agri financing and in sustainability-oriented banking...
.
Further reading
- "Dirty tricks during Bouwfonds privatisation," DutchNews.nl (31 March 2010)
- “Property fraud costs Philips, Rabobank €250m,” DutchNews.nl (4 November 2009).
- “Amsterdam in Zuidas corruption probe,” DutchNews.nl (1 April 2008).
- “ABN Amro integration on track: Fortis,” DutchNews.nl (28 February 2008).
- “More arrests expected in property fraud case,” DutchNews.nl (21 February 2008).