APG Group and Cordares finalise merger
1 September 2008

Written by Sophie Baker

APG Group N.V. (APG) and Cordares Holding N.V. have completed their merger, creating a pension administration organisation based on solidarity and collectivity, and in strong support of the Dutch pension system.

“This exceptional pension system deserves an administrative organisation that is as strong as possible,” commented Dick Sluimers, chairman of the executive board of APG. “Our group is committed to the modernisation of this pension system so that it remains attractive for future generations.”

APG is formed of three companies, APG Algemene Pensioen Groep N.V., Cordares Holding N.V. and Loyalis N.V. The organisation manages around €230bn and operates on behalf of over four million pension fund members. It manages and administrates over 30 per cent of all collective pensions in the Netherlands.

Employing around 4,000 people, APG Group now holds a 51 per cent interest in Cordares Holding, and is the sole shareholder of APG Algemene Pensioen Groep and Loyalis.

Structurally, APG Group provides management support, pension administration, asset management and pension communication, Loyalis offers additional products for income security to Government and Educations and Energy and Utility sectors, and Cordares Verzekeringsgroep serves the Construction and Housing Corporations sectors.