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Dick Scheringa to list new company via reverse takeover

Dick Scheringa to list new company via reverse takeover

MADRID: A businessman who set up an independent bank which collapsed in 2009 following reports about mis-selling and expensive life insurance policies is to list his new company on the Amsterdam stock exchange.

Dick Scheringa, a former policeman who founded DSB bank, will list CS Factoring through the reverse takeover of investment company Lavide. CS Factoring buys up outstanding invoices for an amount lower than the debt and tries to recover it.

The company said in a statement it booked sales of around €1m last year and net profit of €275,000. Scheringa says the listing is key to the company’s further growth. Scheringa’s empire included the AZ football club, a speed skating team and a modern art museum as well as the bank. An official report into the collapse of DSB said the central bank should never have awarded Scheringa a banking licence in the first place.