The vote by cooperators of the NewB sustainable bank regarding its partnership with vdk bank has been pushed back to January, it was learned on Saturday after NewB's special general meeting.
"Following consultation prior to the general meeting, it became apparent that the vote could not be held under satisfactory conditions for all stakeholders,” the cooperative bank said in a statement.
As it was not possible to proceed with the vote, the ad hoc proxy, Professor Michel De Wolf, wanted to reach a consensus among the parties present.
“However, seven of the 550 or so people present in the room disassociated themselves from the proposed consensus,” NewB stated. In this context, “a working group with financial expertise will be set up as soon as possible in order to examine the business plan linked to the partnership with vdk bank and clarify any ambiguities ahead of the extraordinary general meeting in January."
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If the partnership is validated by the cooperators and then regulators, the transfer of customers could take place in the first months of 2023.
NewB was forced to cease its banking activities in October, as it was unable to raise the €40 million needed to keep its licence. Placed under the supervision of a court-appointed administrator, the bank nevertheless proposed “in extremis” a merger with vdk, a Flemish cooperative bank.
