Edwin Paalvast, the executive board member and head of international markets at Philips, was present when Bandar Alkhorayef visited the company’s Eindhoven facility. They talked about boosting collaboration in the field of medical devices and bringing this crucial sector to Saudi Arabia.

The purpose of the Saudi minister’s visit to the Netherlands was to strengthen ties and create partnerships in a range of industrial activities between the two nations.

During his visit, Alkhorayef met with FrieslandCampina, a prominent company specialising in dairy products and their byproducts. Conversations were held with Marchel Gorselink, the head of research and development at FrieslandCampina, to discuss the possibility of setting up a research and development hub in the Kingdom to improve the quality of local production and food processing.

The minister also held discussions with David Haines, the CEO of Upfield, regarding potential collaboration in consumer goods and plant-based food manufacturing. They exchanged knowledge to help achieve food security objectives and promote environmental sustainability.

The purpose of this visit is to support growth pathways in promising industries between the two countries and to complement Saudi Arabia’s ongoing efforts to strengthen the role of its mining and industrial sectors in the national economy. Along with increasing the penetration of Saudi non-oil exports into Dutch and European markets, it also aims to draw in high-calibre investments.

Alkhorayef concentrated on bolstering bilateral trade relations and investigating cooperation opportunities in industry, mining, trade, and investment during his meetings with Dutch ministers, including the Minister of Foreign Trade and Development, Liesje Schreinemacher, and the Minister of Economic Affairs and Climate Policy, Micky Adriaansens.

They also talked about forming strategic alliances in a number of industries, such as manufacturing, cutting-edge technology, and renewable energy.

The visit showcases Saudi Arabia’s distinct prospects and competencies in the mining and industrial domains, in addition to its environmental preservation endeavours and climate change programmes, including the Saudi Green and Middle East Green initiatives.

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What is your take on the electoral result in the Netherlands?

After the annus horribilis in which several elections resulted in unexpected outcomes (admittedly without the much feared negative impact on asset prices), this time we have had a result that is in line with recent polls and will not lead to a tremendous change in the policy and political approach of the country involved. That said, a negative aspect is the fragmentation across parties of the result (also expected), which will likely be a source of instability and difficulty for the government.

It remains to be seen how the incumbent premier, Mark Rutte, will try to form a new government. It seems clear that any coalition will involve at least four parties, ranging from the center-to-right to the left of the political landscape (generally, ‘Pro-Euro’); during the campaign, he repeatedly ruled out any possibility of repeating a coalition with Geert Wilder and his anti-immigration Freedom Party.

Do you think this could influence the outcome of elections in France?

Success breeds success: this was apparent last year with the rise of the ‘populistic’ movements across the globe.  This result could, therefore, suggest that a peak in the appeal of these ideas is behind us and that a more constructive approach to policy and politics and, above all, to Europe is gaining momentum. So, yes, in our view, it could have a positive influence on the French vote.

What is your assessment of the risk of a Euro break-up and how has it changed over the last few months?

A break-up of the Euro is, economically speaking, an unacceptable event. European Central Bank President Mario Draghi abruptly clarified this concept when he stated the fact that any country exiting the Euro would need to clear its Target2 balances first (which for Italy amounts to around €390 billion).

But what if Euro-sceptic forces start taking the lead in a number of countries? We think a useful analogy here is to imagine the Eurozone and Europe are a cyclist that is going uphill. They cannot stop pedaling until they reach the top of the hill (i.e., when everything is in order, and clearly we are not there yet) otherwise they will start to go backwards and will, eventually, fall down in a heap. This may appear a bit extreme: on some issues, the progresses and benefits of the currency and Union are clear; but there are other mechanisms, particularly in the field of sharing risks, solidarity and common policies, that still have to be resolved. And these have been put under severe pressure given the scale of the recent crisis. The cyclist must arrive at the top of the hill and commence the downhill journey before the next crisis arrives. Yet, if Euro-sceptic forces gain appeal and power in the Eurozone and Europe, we see an increased likelihood that our cyclist stops pedaling.

Last year, starting with Brexit, the probability of a ruinous standstill in Europe rose materially, although it is still considered a tail event. Higher spreads between OATs (the 10 year French government bond) and BUNDs (the 10 year German government bond) are the market’s assessment of that probability (which does not including credit risk or sovereign default risk). Meanwhile, the issue of a Euro exit, or adoption of a different currency, is a recurrent theme – most recently in the electoral positioning of political parties in Italy – is another perilous sign.

The Dutch electoral result has enabled this risk to recede a little, but there are a number of political issues ahead: elections in France, Brexit with the complication of a second Scottish independence referendum, the still unresolved Greek question, and possible political instability in Italy to name a few.

How can investors deal with geopolitical risk within a multi-asset approach?

Geopolitical risk remains, in our view, the main factor for investors to watch over the next few months. Financial markets are too complacent ahead of the wave of elections in Europe: equity volatility is reaching new lows even though the probability of a country leaving the Euro, as highlighted by the Sentix Euro Break-Up Index, is trending towards post Brexit levels.

If we also consider the uncertainties related to the execution of Trump’s policies in the US, and of his potentially unfriendly foreign policy for some Emerging Markets, we see significant risks of disappointment for financial markets. This also considering extended valuations in many developed equity and credit markets.

Therefore, we believe investors should consider implement hedging in an effort to partially offset the negative effects of geopolitical risk. There are multiple strategies available for investors: lowly correlated assets, such as gold; currencies that tend to behave as ‘safe havens’, such as the Swiss Franc, and, especially in case of rising risks in the Eurozone, the US dollar; or the use of derivatives to try to protect risk asset exposure. A multi-asset approach, which includes hedging among its investment strategies, can be beneficial in a period of rising geopolitical risk. It can efficiently combine the most effective hedging techniques, determining cost-efficient strategies for those risk events deemed most likely and impactful.

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On the sidelines of the forum, H.E. Al Mansoori attended a bilateral meeting with the Dutch Minister of Economic Affairs in which both sides discussed the current status of their economic and trade relations as well as explored key opportunities to build ties across vital sectors, including energy technology, food, transport, and logistics.

The two sides signed a Memorandum of Understanding (MoU) on innovation during the forum to put in place an effective mechanism to facilitate knowledge and technology exchange between their respective business communities, scientific research institutions, and government agencies.

The UAE delegation comprised H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs; H.E. Mohammed Khamis Al Muhairi, Undersecretary of the Ministry of Economy and the Minister Adviser to the Tourism affairs; and H.E. Saeed Ali Al Nowais, UAE Ambassador to the Netherlands. Representatives of federal and local government agencies also joined the delegation. They included H.E. Khalifa bin Salem Al Mansouri, Acting Undersecretary of the Department of Economic Development in Abu Dhabi; Jamal Al Hai, Deputy CEO of Dubai Airports; Ahmad Obaid Al Tunaiji, Deputy Director General of the Department of Economic Development in Ras Al Khaimah; Dr. Hashim Al Nuaimi, Director of Consumer Protection Department at Ministry of Economy; Hussain Al Mahmoudi, CEO of AUS Enterprises in Sharjah; and high-ranking officials from the General Civil Aviation Authority (GCAA), Telecommunications Regulatory Authority (TRA), Abu Dhabi Fund for Development (ADFD), Dubai Chamber of Commerce and Industry (DCCI), Masdar, and the Netherlands Business Council in Dubai (NBC).

During his opening speech, H.E. Al Mansoori emphasised the vibrant economic and trade relations between the UAE and the Netherlands, as well as their shared interests in developing priority sectors as part of their respective economic development agendas. According to him, the foreign non-oil trade between the two countries amounted to about $3.8 billion by the end of 2015, and more than $2.7 billion during the first nine months of 2016.

The UAE Minister added that the next phase of their partnership will involve stronger economic relations in view of ongoing efforts to establish new cooperative mechanisms through exchange of expertise and experiences in the areas of innovation and small and medium enterprises (SMEs). H.E. Al Mansoori added that the UAE is looking forward to benefitting from the Netherlands’ wide experience in innovative science and modern technology. This will help the UAE create a knowledge- and technology-driven sectors, including renewable energy, food, transport, logistics services, health care, and smart cities.

H.E Al Mansoori pointed out that innovation is one of the key pillars of the UAE’s development vision with which the state has taken numerous initiatives to enhance its capabilities and potential, and establish supportive environment for innovation focusing on energy, transport, technology, health care, education, water and space.

H.E. also took the chance to share the UAE’s fundamental objectives, namely to be among the top 10 countries on the Global Innovation Index by 2021; increase the contribution of innovation to the gross domestic product (GDP) to 5 per cent from the current 3 per cent; and raise the share of scientific research development to the GDP to 1.5 per cent.  H.E. Al Mansoori also outlined the country’s large-scale projects on transportation and space infrastructure.

For his part, Kamp underscored his country’s keenness to enhance its cooperation with the UAE, specifically in the mutually beneficial areas of innovation and advanced technology. He noted during his speech the UAE’s steady development, making the Arab state a destination of choice for investors.

H.E. also pointed out the Dutch companies’ high interest to enhance their presence in the UAE market.

The Dutch Minister further highlighted a number of promising collaborative opportunities in the areas of research and technology, specifically in terms of the development of innovative infrastructure in transportation and advanced industries. He said that the Netherlands is one of the world’s leading countries in these fields, adding that the latest MoU will enhance the cooperative framework in this regard.

H.E. Al Mansoori and Kamp signed the MOU at the end of the forum. The terms of the agreement include enhancing and exploring wider cooperation in innovation by encouraging, facilitating, and organising exchange of experiences; and forging partnerships between their respective government entities, business incubators and startups, academic and scientific institutions, and the private sector.

The top five priority sectors:

—    Renewable energy and energy sustainability

—    Innovation in the field of food and water

—    Space and aviation

—    Innovation in life science and health care

—    Smart cities

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February 1, 2017: Ohpen has gained approval from the Financial Conduct Authority (FCA) to carry out its regulated activities in the United Kingdom (UK). The approval enables Ohpen to provide its software and outsourcing services to asset managers, banks and insurance companies in the UK under its new British company, Ohpen Operations UK Ltd.

“The FCA authorisation allows us to deliver an alternative for financial services companies to digitalise and outsource their entire investments and savings accounts operations,” says Angelique Schouten, Ohpen UK’s CEO.

The company provides both incumbent financial services companies and new market entrants with a ‘bank-out-of-the-box’ solution to fully outsource their operations. Founded in Amsterdam in 2009, Ohpen currently services five of the largest financial services companies in the Netherlands, administrating billions of assets under administration. The move to the UK marks the company’s first overseas operation as part of its international expansion strategy.

“We made it our focus to innovate in the core banking space to enable asset managers, banks and insurance companies to outsource their entire IT infrastructure, software, back office operations and customer contact centre,” explains Schouten.

Drawing on their expertise as former retail bankers, the founding team redesigned all processes and built the service from scratch resulting in a ‘bank-out-of-the-box’ solution that is digital- and API-first.

Ohpen aims to present a fully-digital alternative to the market that is dominated by just a few providers traditionally designed around a paper-based customer experience.

“We are very excited that the FCA has granted Ohpen its full authorisation. I think it says a lot about Ohpen as a business, having gained its FCA authorisation within little over half a year of applying for it. We are poised to challenge the mostly inert core FinTech & outsourcing market with a fresh, innovative, bold and colourful alternative,” concludes Schouten.

The company was founded in Amsterdam in 2009 by former bankers. It delivers IT services and technology to outsource the back- and front-office operations of banks, asset managers and insurance companies. The offering combines fully cloud-based SaaS technology with BPO services that enables financial services companies to launch propositions, digitalise their services quickly and easily, and benefit from lower costs of a unique all-in-one pricing model.

Ohpen administrates hundreds of thousands of retail accounts and billions of euros in assets with a team of more than 70 domain experts across their offices in the Netherlands and the United Kingdom. It established its UK office close to the Silicon Roundabout in 2016, with plans to significantly expand the local team over the next two years.

The post Ohpen gets FCA authorisation to operate in the UK appeared first on International Finance.

IFM Correspondent

October 4, 2016: Dutch bank ING, the country’s biggest lender, announced plans to shed 7,000 jobs, mainly in Belgium and The Netherlands. The plan is part of cost cutting measure for the company, which will help it save $1.01 billion by 2021. The rise of online banking competitors is forcing the bank to reshape its digital banking strategy.

ING presented the job losses in Belgium and the Netherlands as being part of its ‘Think Forward’ strategy aimed at digitising more of the group’s operations.

Rik Vandenberghe, chief executive of the bank’s Belgian arm, said on Monday that the decision was “a shock for a lot of people … it was not an easy decision, I have not slept well these last days.”

Ralph Hamers, chief executive of ING Group, said, “You have to announce these programmes and these intentions at a time when you can afford them. We’re strong right now, we have good results, we are growing and then you have to do the repairs, and not when you don’t have any choice anymore.”

He also highlighted that ING had been hit — like other European banks — by low interest rates in the eurozone and tough regulation.

Belgian and Dutch unions reacted angrily, but analysts said the job losses were the result of the online transformation of the banking industry.

The move is the third financial sector restructuring announced in Belgium in recent weeks. Earlier, Axa Belgium and P&V also announced planned job cuts.

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April 14, 2016 : KBL European Private Bankers (KBL epb) – a pan-European network of private banks, present in the UK via its affiliate Brown Shipley – announced that it has entered into a preliminary agreement to acquire Insinger de Beaufort, a leading private bank in the Netherlands that is also active in the UK, from BNP Paribas Wealth Management.

Currently, Insinger de Beaufort’s team of London-based relationship managers provides international wealth management services to a significant HNWI client base, representing some £1.5 billion in assets under management. Following closing of the transaction, those staff and clients will be integrated into the KBL epb network.

“Today’s announcement represents an excellent opportunity to grow our group’s operations in the UK and, specifically, the business in London,” said Ian Sackfield, CEO of Brown Shipley, whose more than 300 staff operate from six UK offices, managing over £4.4 billion in assets.

In parallel, subject to approval by the relevant regulatory authorities and additional stakeholders in the Netherlands, KBL epb intends to merge Insinger de Beaufort with Theodoor Gilissen, also headquartered in Amsterdam. A member of KBL epb, Theodoor Gilissen is an award-winning Dutch private bank that has been offering its clients personalised, independent advice for 135 years.

Combining the two businesses, Insinger de Beaufort and Theodoor Gilissen will manage over £15 billion in assets in the Netherlands – positioning the merged entity as one of the country’s strongest pure-play private banks.

“We are delighted to announce the signing of this agreement, and look forward to welcoming the clients and staff of Insinger de Beaufort to our pan-European family,” said Yves Stein, Group CEO, KBL epb. “Today more than ever – following the group’s third acquisition in 18 months – we are delivering on our promise of sustained expansion.”

Last year, Brown Shipley acquired Hampton Dean, a chartered independent firm of financial planners based in Nottingham. Puilaetco Dewaay, the KBL epb group’s Brussels-headquartered affiliate, acquired the Belgian operations of UBS in November 2014.

The terms of the acquisition of Insinger de Beaufort – which is targeted to close in the second half of this year, subject to regulatory approval – were not disclosed.

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