Belgian private banks Bank Degroof and Petercam have signed a memorandum of understanding to merge into a single entity by the second half of this year.
The merger will create a new Belgian private bank, with operations in Germany, Hong Kong, Italy, the Netherlands, Spain and Switzerland.
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The combined entity will manage about EUR47bn ($54.5bn) in assets. It will provide private banking, institutional asset management as well as investment banking, mainly in Belgium, Luxembourg and France.
The new bank will include a group executive committee comprising seven members, which will function as a central managing entity and will report to the board of directors.
Subject to supervisory authorities’ nod, the committee will be chaired by Philippe Masset, CEO.
Other members of the committee will include Xavier Van Campenhout as deputy CEO and private banking head, Jan Longeval for managing institutional asset management, Gautier Bataille de Longprey for capital markets, and Gilles Firmin as CRO.
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By GlobalDataMoreover, an external chief operating officer and chief financial officer are expected to be appointed shortly.
Bank Degroof has a workforce of almost 1,000 and manages assets worth EUR32bn. Petercam has a workforce of just over 400, and managed EUR15bn in assets at the end of 2014.
