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Rabobank Takes Over Friesland Bank as Capital Hurdles Loom
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Rabobank Groep, the biggest Dutch mortgage lender, will take over Friesland Bank NV as the smaller 99-year-old lender struggles to meet new capital requirements and sets aside more money for bad loans.
“Friesland Bank has in recent years been confronted with a combination and accumulation of negative factors,” Chairman Kees Beuving said today in a statement. “These negative developments make it impossible for Friesland Bank to have a sustainable continued independent existence.”