PROJECT SUMMARY

Carve-out pension savings accounts and securities and TAK21 portfolios

Belgian retail direct bank

Participate in the final preparations of the Asset Purchase Agreement (APA) with the buyer, to make sure the carve-out and transfer of funds and bonds investment portfolios and pension savings accounts (PSA) can be executed and to start the preparations for the execution on the seller’s side. The assignment was extended with managing the execution of the APA and the carve-out related to TAK21 portfolios.

Challenge

  • Multiple locations and internal and external stakeholders
  • APA with strict timings
  • Legal and compliance constraints
  • Ensure retention of customers and deposits on the seller’s side
  • Ensure retention of customers and portfolios on the buyer’s side
  • Arrange solutions for carve-out of TAK21 portfolios

Approach

  • Definition of roadmaps per product, added to the APA
  • Negotiation of roadmaps with internal stakeholders and the buyer
  • Ensuring the APA is updated in line with the validated roadmaps
  • Definition and management of the project execution plans (deal value, timing, risks, issues) together with the buyer
  • Facilitation of data and customer file migration discussions (content, timing, test runs, legal and compliance)
  • Definition of and agreement on a construction with MFEX to ensure holdings are transferred to the custodians of the buyer in time and without hindering the execution of transactions on the seller’s side
  • Identification of special cases: agreement on treatment and follow-up of execution
  • Facilitation of discussions on commercial proposal to customers
  • Follow-up of intermediate customer activity up to mass transfer (individual transfers, buying/selling, forced sale, PSA deposits, PSA withdrawals)
  • Coordination of local actions (internal and external communication (e.g. presentation to Belgian authorities), changes to core banking system and secure site, pay-out of premium, cancellation of agreements with providers)
  • Facilitation of local and joint project boards and SteerCo meetings
  • Search for parties to take over intermediary role regarding TAK21 products (4); negotiate agreements and arrange for timely and correct handover of data and files
  • Follow-up of earn-out: check calculations and follow-up of payments

Impact

  • Perfect execution of the transaction according to the APA
  • High customers’ and deposits’ retention on the seller’s side
  • High customers’ and portfolios’ retention on the buyer’s side
  • Successful carve-out of TAK21 portfolios

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Belgian retail direct bank

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