News

Brink's ends cash-handling operations in Netherlands

The company has announced its exit from the Netherlands cash-handling market following the loss of its largest customer in that country.

December 26, 2014

The Brink's Company has announced its exit from the cash handling market in the Netherlands due to the previously disclosed loss of its largest customer in that country.

To ensure an orderly exit and transition, Brink's sold its shares of Brink's Netherlands B.V., for nominal value to Stichting Continuiteit Brink's Nederland, an independent foundation that was formed to benefit the interests of remaining stakeholders — including former employees of Brink's, customers and vendors. The foundation has the right to use the Brink's name for up to one year, a news release said.

On Oct. 17, Brink's announced a plan to restructure its Netherlands operations in response to a loss of business with Rabobank, its largest customer in that country. In 2011, the country's three largest banks — Rabobank, ING Bank and ABN AMRO — with the support of the central bank of the Netherlands founded a collaborative entity known as Geldservice Nederland B.V.

GSN has provided money-processing services for the three banks since 2011. Prior to exiting the Netherlands market, Brink's continued to provide all ATM managed services to Rabobank.