Luxembourg bank expands Dutch footprint
Luxembourg headquartered KBL European Private Bankers (KBL) has entered into a preliminary agreement to acquire Insinger de Beaufort, a private bank in the Netherlands, from BNP Paribas Wealth Management, subject to regulatory and shareholder approval.
In the event of a successful acquisition, KBL intends to merge Insinger de Beaufort and Theodoor Gilissen, both of which are headquartered in Amsterdam, the combined assets of both groups would amount to €20bn, the group would have offices in five Dutch cities.
It is the third acquisition for KBL within one year, following that of UBS Belgium and Hampton Dean during the summer of last year.
Yves Stein, Group CEO, KBL said: “We are delighted to announce the signing of this agreement, and look forward to welcoming the clients and staff of Insinger de Beaufort to our pan-European family.”
Peter Sieradzki, CEO, Insinger de Beaufort added: “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.
Tanja Nagel, CEO, Theodoor Gilissen, said: “As we prepare to move forward with Insinger de Beaufort – with whom we share deep domestic roots and a longstanding commitment to personalized service – clients can be assured that they will continue to receive the individual attention they have come to expect from a local partner they know and trust.”