InsingerGilissen, the Dutch private banking unit of KBL European Private Bankers (KBL epb), has agreed to acquire the Lombard Odier’s Dutch private banking business for an undisclosed sum.

InsingerGilissen oversees €25bn in assets and has 325 employees. The acquisition will add €1bn in assets to its books.

As part of the deal, Lombard Odier’s 12 Amsterdam-based employees will join InsingerGilissen.

The transaction is expected to be wrapped up in mid-2018, subject to regulatory approval.

InsingerGilissen CEO Peter Sieradzki added: “The proposed transaction is in line with our strategy to strengthen and deepen our position as a leading Dutch private bank. At InsingerGilissen, our enduring priority is to provide personalised, high-quality service to every client, every step of the way.”

Lombard Odier head of European private banking business Henry Fischel-Bock added: “This transaction will have no impact on Lombard Odier Investment Managers’ longstanding presence in and commitment to the Netherlands, which will remain unchanged going forward.”

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