Luxembourg-based KBL European Private Bankers (KBL) has agreed to acquire Dutch private bank Insinger de Beaufort from BNP Paribas Wealth Management.
The companies have not disclosed any terms of the deal.
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KBL in a statement said that it plans to merge Insinger de Beaufort and its Theodoor Gilissen business to create a new entity that will manage over EUR20bn in assets.
The combined entity will be based in Amsterdam and will also operate in five other cities in the Netherlands.
Apart from its Dutch division, Insinger de Beaufort operates a branch in the UK, through which London-based relationship managers offer international wealth management services to HNWI clients.
Following the completion of acquisition, these clients and employees will be integrated into the KBL network.
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By GlobalDataThe deal is expected to close in the second half of 2016, subject to regulatory and stakeholders approvals.
KBL group CEO Yves Stein said: "Today more than ever – following the group’s third acquisition in 18 months – we are delivering on our promise of sustained expansion, reflecting a long-term development strategy that targets organic, semi-organic and external growth."
Insinger de Beaufort CEO Peter Sieradzki added: "The proposed merger represents a perfect match that will provide tangible benefits to new and existing clients, including a broadened product and service offering, and accelerated investments in client experience."
"As one of the Netherlands’ strongest pure-play private banks, we will be even better able to meet the needs of clients looking for a truly independent platform, full transparency and clear client-centricity. Indeed, personal service will be the cornerstone of the proposed merged entity, reflecting the enduring priorities of Insinger de Beaufort, Theodoor Gilissen and KBL European Private Bankers."
