Ever since our foundation in 1945, our strengths have been in our credit skills, especially in long-term asset finance; our strong client franchise; our investment management capabilities; and our high-quality people and their entrepreneurial spirit. NIBC was initially established as Maatschappij tot Financiering van Nationaal Herstel by the Dutch government along with a number of commercial banks and institutional investors. It was set up to provide financing for the post-World War II economic recovery of the Netherlands. This entity was renamed De Nationale Investeringsbank (DNIB) in 1971 and was listed on the Dutch stock exchange, now Euronext Amsterdam, from 1986 to 1999. From the start, the bank consistently focused on providing long-term loans and private equity investments in selected asset classes and sectors.
In 1999, two of Europe's largest pension funds, ABP and PGGM, made a public offer for the shares of DNIB through a new joint venture, named NIB Capital N.V. (NIB Capital). They acquired an 85 percent stake, leaving the Dutch government with a minority interest of 15 percent. NIB Capital acquired these remaining shares from the Dutch state in May 2004. The acquisition and change of name to NIB Capital in 1999 marked the beginning of our evolution from what was essentially a long-term lending bank to an enterprising bank offering advisory, financing and co-investing.
In December 2005, a consortium of international financial institutions and investors organised by J.C. Flowers & Co. purchased all the outstanding equity interests of NIB Capital. In connection with this acquisition, NIBC Holding N.V. was formed and NIB Capital became its wholly-owned subsidiary. We subsequently changed our name from NIB Capital to NIBC. Through our strong expertise, dedicated focus and high quality of staff, NIBC has established a long-standing track record.