Bank Mendes Gans

Last updated
Bank Mendes Gans
Company type Private (subsidiary of the ING Group)
Industry Financial services, Cash management
PredecessorGans & Co, Mendes Gans & Co.
Founded1883
FounderJulius Gans, Isaak Mendes
Headquarters,
Key people
Robert Heisterborg (CEO), Paul Koopmans (COO)
Services Netting, Cash Pooling, Cash Balancing, Inter-Company Loans, Liquidity Management, Information Management
RevenueIncrease2.svg 76,764,000 (2011) [1]
Increase2.svg €46,983,000 (2011)
Increase2.svg €35,235,000 (2011)
Total assets Increase2.svg €7,618,938,000 (2011)
Total equity Increase2.svg €228,330,000 (2011)
Number of employees
Increase2.svg 157 (2011)
Parent ING Group
Website www.mendesgans.com

Bank Mendes Gans (BMG) is a Dutch bank specialising in international cash management services. Founded in 1883 and located in the centre of Amsterdam, the Netherlands, BMG is an independently operated subsidiary of the ING Group (as part of Wholesale Banking [2] ).

Contents

Activity

Bank Mendes Gans is a worldwide renowned niche player in the area of liquidity and information management for large multinationals. The company is one of the most important cash management specialists in the world. BMG's core activity is cash management (cash pooling and netting [3] ).

Bank Mendes Gans has about 350 clients, half of them in the USA. [4]

History

At the time the Amsterdam born Julius Gans founded his brokerage firm Gans & Co. in 1883, he mainly traded in foreign stock, drafts and coupons. Six years later, on May 23, 1889, Isaak Mendes (from Jewish Portuguese descent) joined the firm as his partner. Consequently, the name of the brokerage firm changed to Mendes Gans & Co.

In 1911, Mendes Gans & Co. changed into a licensed bank (under supervision of, and licensed by, the Dutch Central Bank " De Nederlandsche Bank "). In those days, the company was mainly involved in managing the investment portfolio of wealthy Dutch individuals.

After World War I, the bank relocated to Herengracht 619, a stately residence built in 1667 by order of Jan Six (1618), former mayor of Amsterdam. The building is designed by architect Adriaan Dortsman. The bank is still located at these premises.

With guidance of the American company and shareholder Dow Chemical, Mendes Gans focused on cash management in the sixties. [5] This, consequently after divesting the brokerage business to ING, led to the further specialization as a cash management bank.

As result of the Nazi occupation of the Netherlands, Isaak Mendes fled during the hectic 'May days' of 1940 to the south of France, where he died in poverty at the age of 70 before the war ended. Partner and co-founder Julius Gans died in 1924 at the age of 65.

Shareholder ING Bank N.V.

ING Bank N.V. gradually purchased 99% of the BMG shares from main shareholders Philips Finance Company, Manufacturers Hanover Trust (currently JP Morgan Chase) and Dow Chemical. In early 2000, the decision was made to de-list Bank Mendes Gans N.V. from the Amsterdam Stock Exchange (AEX-Effectenbeurs/Euronext Amsterdam) on February 1, 2000. By ending the quotation, the Amsterdam Stock Exchange lost one of its oldest listings, as well as one of its most expensive companies by share price (the shares were valued in excess of 20,000 Dutch guilders, equivalent to over 9,000 euros).[ citation needed ]

See also

Related Research Articles

<span class="mw-page-title-main">ING Group</span> Dutch multinational banking and financial services corporation

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion, it is one of the biggest banks in the world, and consistently ranks among the largest banks globally.

<span class="mw-page-title-main">ABN AMRO</span> Dutch bank

ABN AMRO Bank N.V. is the third-largest Dutch bank, with headquarters in Amsterdam. It was initially formed in 1991 by merger of the two prior Dutch banks that form its name, Algemene Bank Nederland (ABN) and Amsterdamsche en Rotterdamsche Bank.

A dual-listed company or DLC is a corporate structure in which two corporations function as a single operating business through a legal equalization agreement, but retain separate legal identities and stock exchange listings. Virtually all DLCs are cross-border, and have tax and other advantages for the corporations and their stockholders.

Fubon Bank Limited is a wholly owned subsidiary of Fubon Financial Holding Co., Ltd., one of the largest financial holding companies in Taiwan. Committed to becoming one of Asia’s first-class financial institutions, Fubon Financial Holdings has built a strong lineup of financial service companies. Fubon Bank operates 15 branches, 3 SME Banking Services Centres, 1 Offshore Banking Centre and 1 Securities Services Centre in Hong Kong, providing a wide range of financial services encompassing consumer and wholesale banking, wealth management, financial markets, securities brokerage and investment services. Fubon Bank holds an A-2 short-term, BBB+ long-term rating from Standard & Poor’s. The rating reflects Fubon Bank’s strong capitalization, good liquidity and sound asset quality.

<span class="mw-page-title-main">Piper Sandler Companies</span> American financial services company

Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations, institutional investors, and public entities.

Jefferies Group LLC is an American multinational independent investment bank and financial services company that is headquartered in New York City. The firm provides clients with capital markets and financial advisory services, institutional brokerage, securities research, and asset management. This includes mergers and acquisitions, restructuring, and other financial advisory services. The Capital Markets segment also includes its securities trading and investment banking activities.

Van der Hoop Bankiers N.V. is a Dutch bank founded in 1895 currently in state of bankruptcy and put under supervision of court-ordered curators.

Treasury management entails management of an enterprise's financial holdings, focusing on the firm's liquidity, and mitigating its financial-, operational- and reputational risk. Treasury Management's scope thus includes the firm's collections, disbursements, concentration, investment and funding activities.

<span class="mw-page-title-main">Oppenheimer Holdings</span> American multinational independent investment bank

Oppenheimer Holdings Inc. is an American multinational independent investment bank and financial services company offering investment banking, financial advisory services, capital markets services, asset management, wealth management, and related products and services worldwide. The company, which once occupied the One World Financial Center building in Manhattan, now bases its operations at 85 Broad Street in New York City.

<span class="mw-page-title-main">NN Group</span> Dutch insurance and asset management company

NN Group N.V. is the parent company of NN Investment Partners and Nationale-Nederlanden. Nationale-Nederlanden is one of the largest insurance and asset management companies in the Netherlands. NN Group is headquartered in The Hague, its office in Rotterdam is located in the skyscraper Gebouw Delftse Poort, which was the tallest skyscraper in the Netherlands until 2009. Aside from these two offices, the company has an office in Ede but no other main offices in the Netherlands, instead NN mainly relies on independent intermediaries for selling insurance.

<span class="mw-page-title-main">NautaDutilh</span>

NautaDutilh, an independent law firm practicing Dutch, Belgian, and Luxembourg law. NautaDutilh is one of the largest law firms in Europe, with over 400 lawyers, civil law notaries, and tax advisers in offices in Amsterdam, Brussels, London, Luxembourg, New York, and Rotterdam. The firm history dates back to 1724.

<span class="mw-page-title-main">ING Vysya Bank</span> Indian bank

ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.

<span class="mw-page-title-main">NIBC Bank</span> Commercial bank in the Netherlands

NIBC Bank N.V. is a commercial bank in the Netherlands offering corporate and retail banking products and services. Its corporate banking activities range from advising, structuring, financing and co-investing across debt and equity in Northwest Europe with a focus on the Netherlands and Germany. The retail banking activities primarily consist of mortgage lending in the Netherlands and online retail savings products and services in the Netherlands, Germany and Belgium via the NIBC Direct brand.

<span class="mw-page-title-main">Van Lanschot Kempen</span>

Van Lanschot Kempen N.V. is a specialised, independent wealth manager that provides private banking, investment management and investment banking services to wealthy individuals and institutions. It is headquartered in 's-Hertogenbosch, the Netherlands. With a history dating back to 1737, it is the oldest financial institution in the Netherlands and the Benelux and the tenth oldest financial institution in the world.

<span class="mw-page-title-main">British credit crisis of 1772–1773</span> British banking crisis

The British credit crisis of 1772–1773, also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic. It has been described as the first modern banking crisis faced by the Bank of England. New colonies, as Adam Smith observed, had an insatiable demand for capital. Accompanying the more tangible evidence of wealth creation was a rapid expansion of credit and banking, leading to a rash of speculation and dubious financial innovation. In today's language, they bought shares on margin.

<span class="mw-page-title-main">Corporate finance</span> Framework for corporate funding, capital structure, and investments

Corporate finance is the area of finance that deals with the sources of funding, and the capital structure of businesses, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to maximize or increase shareholder value.

Insinger Gilissen, previously known as Insinger de Beaufort, is an Anglo-Dutch private bank providing private banking, wealth management and private planning to high-net-worth individuals and some institutional clients. In 2016 it merged with Theodoor Gilissen Bankiers to become Insinger Gilissen. Since 1 January 2017 Insinger Gilissen has been part of Quintet Private Bank.

Kepler Cheuvreux is an independent European financial services company specializing in research, execution, advisory, and asset management services. Kepler Cheuvreux has 12 offices in Europe, 2 offices in the United States, and 600 employees worldwide.

References

  1. "Annual Report 2011" (PDF).[ permanent dead link ]
  2. "Commercial Banking - Payments and Cash Management". Archived from the original on 2010-10-30. Retrieved 2010-11-25.
  3. "Netting, simplicity at its best" (PDF). People.bath.ac.uk. Archived from the original (PDF) on 2016-12-20. Retrieved 2016-06-30.
  4. Chana R. Schoenberg (4 April 2012). "Companies Keeping Cash In One Place To Minimize FX Risk". Wsj.com. Retrieved 2016-06-30.
  5. "Pioneering Best Practices in Global Liquidity and Risk Management". Treasury-management.com. Retrieved 2016-06-30.