Dutch private bank Van Lanschot has concluded the acquisition of the private banking activities of Staalbankiers.

Van Lanschot paid an initial purchase price of €16m for the transaction.

The deal, announced in August 2016, adds about €1.7bn in assets to Van Lanschot's books. Van Lanschot will also acquire nearly €300m in savings and a small number of securities based loans.

As part of the deal, a total of 25 private bankers and investment experts have moved to Van Lanschot from Staalbankiers. The deal does not involve any other activities of Staalbankiers.

Van Lanschot executive board member responsible for private banking Richard Bruens said: “This acquisition is an important milestone in our AuM growth and enables us to reach even larger numbers of clients with our wide range of private banking services.

“Being able to welcome on board as new colleagues 25 highly qualified Staalbankiers private bankers and investment experts will serve to enhance our position as a distinctive wealth manager."

Staalbankiers, which has offices in The Hague, Oosterbeek and Zwolle, offers asset management, savings, deposits and mortgage services. The firm became part of Achmea in 1994.