DSB Bank
Encyclopedia
DSB Bank was a Dutch
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...

 bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

 and insurer
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

. The company was founded in 1975 by Dirk Scheringa, a former police officer
Police officer
A police officer is a warranted employee of a police force...

. It was originally called Buro Frisia, but in 1998 the DSB Groep was founded which included Buro Frisia. On 19 October 2009, the Amsterdam court declared DSB Bank to be in bankruptcy.

Overview

The most important divisions of DSB Groep were DSB Bank for banking and savings products, and DSB Direct for credit
Credit (finance)
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately , but instead arranges either to repay or return those resources at a later date. The resources provided may be financial Credit is the trust...

 services. The latter was known by a number of different names, such as Becam, Postkrediet, lenen.nl and Frisia Financieringen. The company was also known for sponsoring Dutch Association football club AZ and its stadium as well as a Dutch ice skating
Ice skating
Ice skating is moving on ice by using ice skates. It can be done for a variety of reasons, including leisure, traveling, and various sports. Ice skating occurs both on specially prepared indoor and outdoor tracks, as well as on naturally occurring bodies of frozen water, such as lakes and...

 team.

Bankruptcy

Because of urgent financial problems DSB Bank was placed under supervision of De Nederlandsche Bank
De Nederlandsche Bank
De Nederlandsche Bank is the central bank of the Netherlands. It is part of the European System of Central Banks .-History:...

 by court order on 12 October 2009. On 19 October 2009, the Amsterdam court declared DSB Bank to be in bankruptcy. On 21 October 2009, parent company DSB Beheer was declared bankrupt by the Alkmaar court, marking the end of the network of businesses under the DSB flag.

The failure followed the withdrawal of €600 million by depositors in 12 days, equivalent to about a quarter of the bank's assets.

External links

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