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  1. Banking and finance
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Andrew Thomas heads the highly regarded banking practice at Allen & Overy LLP, boasting excellent international and domestic experience in advising large and medium-sized companies, financial institutions, listed companies and governments. Among the team’s highlights was advising ABN AMRO in relation to a €110m credit facility to finance the acquisition of Stage Ticketing. The team also advised Ranstand in relation to its credit facility to finance the public bid for Vedior. Clients include ING, Rabobank and Fortis. Ben Fox and Sophie Chamberlin are recommended by clients.

Clifford Chancehas better knowledge of documentation and industry than most other firms in the Netherlands’ and offers both Dutch and English law expertise. The team boasts, ‘outstanding lawyers, all are very down to earth and available for all levels of transaction’, and acted for Barclays, ING Bank N.V. and Bank of Ireland in the acquisition financing of Ad van Geloven. On the lending side, the practice has advised BNP Paribas and ABN AMRO. Bas Boris Visser and Jelle Hofland have ‘an active approach to solving issues and good knowledge of the latest market developments’. Practice head Mark Huddlestone is singled out for particular praise by clients, with Angela McEwan and Jackie Jones also recommended.

De Brauw Blackstone Westbroek enjoys a first-class reputation in the banking and finance sphere, acting for a number of Dutch, as well as international corporates, and banks. The team advised Fortis on several financing projects in relation to the public offer for ABN AMRO, and assisted Danone Groupe on its €12bn credit facility to finance its public offer for Koninklijke Numico. Menno Stoffer is recommended.

International clients choose Nautadutilh as it is ‘well known for its knowledge of specific Dutch law issues’. The ‘knowledgeable and enthusiastic’ team is led by Jan van Rijswijk and includes over 20 partners. In the acquisition finance sphere, Arjan Pors acted as local counsel to ING Bank, the European Investment Bank and a syndicate of ten international relationship banks in connection with the €745m debt financing of the so-called GATE terminal. On the regulatory side, the team advised Fortis Bank and Ping An on worldwide regulatory filings in connection with their partnership. In banking litigation, the team represented ABN AMRO in a class action relating to alleged prospectus liability. Dirk van der Stelt recently retired from the partnership, with Arjen Tillema and Daan Lusingh Scheurleer taking over his practice. Thijs Lommen and Teun Struycken are highly recommended by clients.

Thijs Flokstra has replaced Jeroen Thijjsen, who retired in 2008, as lead partner at Freshfields Bruckhaus Deringer. The team often acts on the side of borrowers. Recent noteworthy transactions include advising Rabobank on a €100m export credit facility to a Mexican borrower for the finance of a number of vessels which will be built in the Netherlands. The team also advised Mecom on a €1bn refinancing of Koninklijke.

Managing partner Martijn Koopal leads Linklaters’s banking and finance practice. The team recently assisted Rabobank International with the €400m financing of Eriks Group. Highlights also include assisting HgCapital on its €345m facility in connection with the secondary buy-out of Fabory group. Clients include ABN AMRO, Fortis, ING, and Rabobank. Paul Kuipers recently joined the team from Simmons & Simmons.

Loyens & Loeff has a strong banking practice. Willem Jarigsma is recommended as head of practice, as is Kitty Lieverse, head of the financial markets regulatory team. Highlights include advising CVC Capital Partners on the financing of all shares of Schuitema from Koninklijke Ahold and others. The team recently started up a dedicated Islamic finance team.

Baker & McKenzie Amsterdam N.V.’s team enjoys ‘a good reputation’ coupled with ‘a willingness to honour tight deadlines, along with a commercial approach, and international reach’. The team, led by Piet Schroeder, is assisting the lenders (Fortis, BNG and SMBC) of the consortium with Macquarie Infrastructure, Royal BAM group and GTI, in the tender procedure for the Kromhout army barracks PPP. Fedor Tanke is recommended by clients.

Boekel De Nerée receives excellent market feedback for property finance work. Head of practice Hans Sachse leads ‘high-quality professionals who are extremely dedicated, includingoutstanding professional Angelique Thiele’. The team advised Industrial Securities Group on a high-value pan-European property and project finance agreement with HBOS, and is also engaged in leverage finance transactions.

DLA Piper’s Bart Joosen receives high praise, as a ‘proactive and client-focused’ lawyer. The team recently advised Ballarpur Industries, India’s largest paper manufacturer, on the restructuring of acquisition finance facilities. The practice was bolstered by the arrival of leverage finance partner Gerard Kneppers from De Brauw Blackstone Westbroek in 2008.

Houthoff Buruma’s Loet Venrooy is highly recommended for demonstrating ‘in-depth knowledge of the Dutch finance market and commercial awareness’, as well as‘very fast reaction time and flexibility’. The team has been active in real estate financing, and recently advised ING Real Estate Finance. Oscar van Angeren joined the team from De Brauw Blackstone Westbroek in 2008.

Lovells LLP’s international scope provides clients with ‘smooth communication across jurisdictions’. The team advised Deutsche Beteiligungs on the management buy-out of the ICTS group, and offers both Dutch and English law capabilities.

Norton Rose LLP’s practice covers the gamut of banking advice, and has seen a large number of regulatory instructions over the past year. Head of practice Gijs van Leeuwen is particularly expert in this field and recently assisted Fortis Bank Global Clearing. The team has been active on the leverage finance side, advising a number of banks on high-value transactions. Wouter Hertzberger recently acted for Deutsche Land on its large property finance facility.

Simmons & Simmons counts a number of Dutch banks as clients, and the team advised DVB Bank America on a senior loan facility agreement for shipping and mortgage, as well as assisting Amsterdam Trade Bank on a ship loan agreement. Gerhard Gispen heads the practice. Arend-Jaap van der Lely and Daphne Brinkhuis are recommended.

Jaap Willeumier leads the eight-partner banking team at Stibbe which advised Tom Tom on the €1.9bn all cash offer for the digital map maker Tele Atlas. In the syndicated loan arena, the team assisted CSM on their €700m multi-currency revolving credit facility. The team has an excellent market reputation for its project finance work.

Van Doorne’s ‘excellent’ banking team is ‘extremely responsive and works well with other firms in providing a seamless and efficient service to clients’. The team recently advised Deutsche Bank in the financing of the successful public offer by Novator for shares in pharmaceutical company, Actavis Group. Stefan van Rossum is recommended as ‘very user-friendly and practical’, and for his ‘broad knowledge’.

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Legal Developments in Netherlands for Banking and finance

  • Financial assistance and debt pushdown

    IN PRINCIPLE, FINANCIAL ASSISTANCE IS prohibited under Dutch law. Transactions that violate the financial assistance prohibition may be void.
    - Boekel De Nerée

Legal Developments in Netherlands

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • State aid risks involved in real estate transactions and public-private partnerships

    Private undertakings that engage in commercial transactions with public authorities located in the EU should be more aware of the risk of unlawful state aid. This is especially true for construction or development companies, as well as real estate funds, when participating in projects with public authorities involving the sale and/or finance of buildings or land. In many of these transactions the risks of state aid are either ignored or overlooked. In general, state aid is forbidden and any unlawful state aid including interest is to be recovered from the recipient undertaking. The recipient undertaking therefore bears the risks of unlawful state aid. Hence the importance for undertakings to determine whether a risk of state aid exists in relation to commercial transactions with public authorities. If so, appropriate steps should be taken to seek compliance with rules on state aid or to notify such aid to the European Commission.
    - Boekel De Nerée
  • Distributing dividends in the Netherlands

    Several questions arise when your  Dutch subsidiary distributes dividends. Below we set out numerous issues, on a non-exhaustive basis, that have to be addressed in the process of distributing dividends.
    - Boekel De Nerée
  • Employee participation and works councils in the Netherlands

    Companies going through global reorganisations often have to deal with local rules and regulations relating to employee participation. Observing these rules and regulations is often of major importance to avoid any delay in the implementation of business decisions. This article describes some of the main aspects of the consultation process relating to works councils in the Netherlands. It covers the special provisions that apply to entrepreneurs employing at least 50 people.
    - Boekel De Nerée
  • Privatising environmental resources

    Anne-Marie Klijn, Joyeeta Gupta and Anita Nijboer discuss current investments in greenhouse gas reduction projects, and consider whether there is enough supervision of these contracts in the Netherlands and worldwide.
    - Boekel De Nerée
  • Price fixing on transfer of shares and the (non-performing) trustee in bankruptcy

    When entering into a joint venture, a great deal of attention can be devoted to the exit. For many hypothetical situations, the parties wish to lay down how the price of the interest to be transferred when a party exits is fixed. In practice, a substantial degree of flexibility is required in fixing the value of the interest to be transferred. Parties want to make the ‘reward' for the exiting partner depend on the circumstances of the exit. If, for example, a partner is being ousted on account of negligence, then this is a good reason to apply a discount to the real value of the interest involved.
    - Boekel De Nerée
  • Real estate funds under pressure: new round, new opportunities?

    Many reports have recently appeared in the media about downward revaluations of real estate portfolios. Although it is not exactly clear how big the decline in value has been, there seems to be a consensus in the market that the value of real estate has decreased considerably since autumn 2008. As a result, real estate investors have seen the value of their assets go down. This may also have far-reaching consequences for private, non-listed real estate funds. Because the financial crisis has now affected the economy as a whole, the risks have further increased. As commercial tenants are having more and more difficulty keeping their businesses going at the same level, rental income may be wiped out completely or in part. Real estate funds may have to endure a very rough period because of these developments. This may provide cause for financing banks to impose additional requirements on funds, under the threat of terminating credit or enforcing security interests.
    - Boekel De Nerée
  • Grote bouwprojecten niet in gevaar

    Als het aan de voorzieningenrechter van Utrecht ligt, kan op basis van een onder de oude Wet op de ruimtelijke ordening verleende vrijstelling gewoon een bouwvergunning worden verleend, ook als deze pas onder de per 1 juli 2008 in werking getreden nieuwe Wet op de ruimtelijke ordening (Wro) wordt aangevraagd. De Arnhemse voorzieningenrechter oordeelde op 22 april nog anders (FD 23 juli, in Recht en belastingen: 'Grote bouwprojecten dreigen te stranden'), maar daarvan is op 17 juli afstand genomen.
    - Lexence
  • Labour Law

    As a foreign employer in the Netherlands, it is important to know that there are many legal provisions that protect the interests of the employee. These are, among others, provisions regarding holidays, minimum wages, working hours and employment of disabled employees. As a consequence, you are not entirely free in concluding employment agreements. In this article, mr. Jan Dop will discuss the definition, contents and termination of an employment agreement, as well as matters relating to sickness of employees and discrimination. He will also give practical information on working conditions, pregnancy and parental leave.
    - Russell Advocaten
  • Private enforcement of competition law: a Dutch perspective

    T he European Commission (The Commission) plays hardball with respect to breaches of antitrust rules by companies. The fight against cartels remains a key priority for the Commission and record fines (for example with respect to elevator companies and car glass producers) have been frequently imposed.
    - Boekel De Nerée
  • Parent company protection

    This article discusses how to ensure that your Dutch subsidiaries do not contaminate the parent company with liabilities in times of financial crisis.
    - Boekel De Nerée

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to