The role of the stock exchange in company financing diminished during this period. At a time of economic growth but little wage pressure on companies, firms were able to finance their development projects from their own substantial amounts of liquidity. In 1945 the government and the major banks together established the Maatschappij tot Financiering van het Nationaal Herstel, better known as the Herstelbank (Recovery Bank) which in 1963 was re-named the Nationale Investeringsbank (National Investment Bank), for the purpose of providing long- term financing for companies. Following this first initiative, the Nederlandsche Participatie Maatschappij (Dutch Participation Company) was founded in 1948 with a mission to take shareholdings in companies; the Export Financierings- Maatschappij (Export Finance Company) was set up in 1951 to pre-finance exports; and in 1970 the Nederlandse Financierings-Maatsschappij voor Ontwikkelingslanden (the Netherlands Development Finance Company), known as FMO, was established with a view to investing in private sector projects in emerging countries and markets.

From the 1950s onwards, strong economic growth was reflected in an increase in household revenues and also in the emergence of a high-earning client segment. Commercial banks began to offer new products such as personal loans and private mortgages. The savings banks and agricultural cooperative banks also made inroads into the individual client market.

The establishment of the European Economic Community in 1957 encouraged international trade and helped to drive the internationalisation of the Dutch economy and finances. In addition, an increasing number of foreign companies, many of them US-based, set up units in the Netherlands.

All these changes had a major impact on the structure of the financial markets. Most of the smaller players were not able to keep up with the wave of internationalisation that was taking place. Some disappeared, others survived by bowing to reality and taking on board foreign financial institutions as shareholders. Thus Nederlandse Crediet Bank (NCB) saw Chase Manhattan Bank buy into its capital; Slavenburg s Bank linked up with First National Bank of Chicago; F. van Lanschot s Bank allied itself with National Westminster Bank; and Nederlandse Overzee Bank (NOB) saw Continental Illinois National Bank and Trust Company take a substantial stake in its business. NCB was subsequently taken over in 1970 by Crédit Lyonnais, which then acquired Slavenburg s Bank in 1983. The Amsterdam branch of Banque de Paris et des Pays-Bas remained active in the securities market but made the decision to engage in commercial banking as well.

After the war the issuance business was rapidly dominated by the four major Dutch financial institutions NHM, Amsterdamsche Bank, Rotterdamsche Bank and Twentsche Bank. Alongside these the traditional banking houses such as Hope & Co., R. Mees & Zn, Pierson, Heldring & Pierson were also active, plus a large number of small securities houses which were often invited to participate in the large syndicates. In 1972, the Amsterdam Stock Exchange Association saw its reach extend nationwide, leading to the closure of the stock exchanges in Rotterdam and The Hague.

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