Bank Mendes Gans

Bank Mendes Gans

Type	Private (subsidiary of the ING Group)
Industry	Financial services, Cash management
Predecessor	Gans & Co, Mendes Gans & Co.
Founded	1883
Founder	Julius Gans, Isaak Mendes
Headquarters	Amsterdam, Netherlands
Key people	Eric Hollanders (CEO), Jan-Pieter Pak (COO)
Services	Netting, Cash Pooling, Cash Balancing, Inter-Company Loans, Liquidity Management, Information Management
Revenue	€76,764,000 (2011)[1]
Operating income	€46,983,000 (2011)
Profit	€35,235,000 (2011)
Total assets	€7,618,938,000 (2011)
Total equity	€228,330,000 (2011)
Number of employees	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 Commercial Banking^[2]).

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 (netting^[3]), contrary to banks like, for example, ABN AMRO or Citibank.

Bank Mendes Gans has about 250 clients, half of them in the USA.^[4] McDonald's is a client of the bank,^[5] as well as China International Marine Containers.^[6]

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.^[6] 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 1928 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. 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 did not only lose one of its most expensive funds (the shares were valued in excess of 20,000 Dutch Guilders - over 9,000 euros), but also one of its oldest.

With its own Board of Management, Supervisory Board, banking license and annual report, BMG is an independently operating business unit of ING Commercial Banking.

References

See also

External links

• Official website