Petercam and Bank Degroof to join forces
Belgian asset manager Petercan and Bank Degroof have announced the signing of a memorandum of understanding, in a bid to merge the two businesses.
With their combined assets exceeding €47bn, the new group aims to become a major financial institution in Belgium. In addition to its local offices, it will also be present across Europe, in particular in France and Luxembourg.
All activities of the new group will be steered by a group executive committee made up of 7 members, which will function as a central managing entity and will report to the Board of Directors.
Subject to regulatory approva,l the future group executive committee will be chaired by Philippe Masset, CEO, and will be composed of Xavier Van Campenhout, deputy CEO and head of Private Banking, Jan Longeval, in charge of Institutional Asset Management, Gautier Bataille de Longprey, in charge of Capital Markets, Gilles Firmin, CRO and of external COO and CFO who will be appointed shortly. As co-head Institutional Asset Management, Hugo Lasat will be CEO of the asset management company. Alexis Meeùs will be CEO of the corporate finance company.
Xavier Van Campenhout, chairman of the management board of Petercam adds: “Since the beginning of the last century, our founders have always pursued the same mission: to offer our clients performing services and top-level expertise while remaining true to human values, to entrepreneurship and to independence. In 1968 this ambition drove Peterbroeck and Van Campenhout to merge into Petercam, which generated considerable value. It is the same mission that continues to drive our company today.”
Philippe Masset, chairman of the management board of Bank Degroo commentsf: “This pooling of our forces gives our clients the best of two prominent companies in the field of specialized investment services and expertise of high added value, both in Belgium and our main European markets. .”
The agreement has been concluded subject to a due diligence process, the final merger agreement is scheduled in the course of the first semester of 2015, the merger itself should be finalized during the second semester of 2015.