KBL European Private Bankers (KBL epb) has announced the closing of the acquisition of UBS Belgium.
The former Belgian branch has been integrated into Puilaetco Dewaay, part of KBL epb and headquartered in Brussels.
With this acquisition, Puilaetco Dewaay will be now ranked as a top three pure-play private bank in Belgium, KBL said.
Following closing, Puilaetco Dewaay, which was founded in 1868 and operates in eight cities in Belgium, now counts over 250 staff, who manage over €10bn in assets on behalf of some 10,000 clients.
KBL epb will pursue its long-term development strategy and targets organic, semi-organic and external growth.
Yves Stein, CEO of KBL epb, commented : “As we strive to be recognized as a trusted partner and leading private bank everywhere we operate, KBL epb continues to actively review additional acquisition opportunities in our core markets, and will seize them when conditions are right.”
Thierry Smets, CEO of Puilaetco Dewaay Private Bankers, said : “At a time when the European private banking sector is in the midst of ongoing consolidation, we now benefit from greater size, scale and reach.
“As a consequence, Puilaetco Dewaay is more strongly positioned for sustained future growth than at any time in our 150-year history.”
Smets pointed out that former UBS Belgium staff have been integrated into Puilaetco Dewaay across every level of the organisation, including the executive committee.
Ludivine Pilate, who joins as chief operating officer, and Gregory Christians, who has assumed the role of chief investment officer, will join existing members of the new executive committee, Thierry Smets, Sabine Caudron and Amaury de Laet.
Established in 1949, KBL is headquartered in Luxembourg with a pan-European presence in 50 cities. It has over €45bn in assets under management and €44bn in assets under custody, as of December 31, 2014.