ACQUIRING SHARES IN THE CAPITAL OF A NETHERLANDS ANTILLES BASED BANK
Any change of control requires the Central Bank’s approval
Banks domiciled in the Netherlands Antilles are subject to supervision based on the National Ordinance Supervision Banking and Credit System (‘Landsverordening Bank- en Kredietwezen’).
Any change of control regarding such bank, either direct or indirect, requires the prior approval of the Netherlands Antilles Central Bank. The management of the Netherlands Antilles based bank should inform the Central Bank of the intention to transfer the shares by the present shareholders to others by means of a letter, detailing the reasons why the shares are being transferred, and the consideration paid per share by the new shareholder(s).
The Central Bank must also review the antecedents and plans of the prospective shareholders. If non-bank companies or institutions are to become shareholders of a credit institution, these companies or institutions should submit to the Central Bank:
• personal questionnaires of the Central Bank in relation to its/their Managing Directors;
• the audited financial statements for the last three years of the company or institution;
• its/their Articles of Association; and
• a group chart containing an outline of all the companies and institutions in the group, including the ultimate parent company and ultimate beneficial owners.
Karel Frielink
Attorney (Lawyer) / Partner
