12 April 2016

KBL epb expands Dutch footprint with acquisition of Insinger de Beaufort 

  • Luxembourg-headquartered group indicates intention to merge Insinger de Beaufort with Theodoor Gilissen, member of KBL epb
  • Combined Dutch business AuMs to rise to over €20 billion, becoming one of strongest pure-play private banks in Netherlands
  • Third recent acquisition by KBL epb, following transactions in Belgium and UK over past 18 months
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    KBL European Private Bankers (KBL epb), headquartered in Luxembourg, announced today that it has entered into a preliminary agreement to acquire Insinger de Beaufort, a leading private bank in the Netherlands, from BNP Paribas Wealth Management.

    This acquisition remains subject to approval by the relevant regulatory authorities and additional stakeholders in the Netherlands.

    Subsequently, also subject to approval by the relevant regulatory authorities and additional stakeholders, KBL epb intends to merge Insinger de Beaufort and Theodoor Gilissen, both of which are headquartered in Amsterdam. A member of KBL epb, Theodoor Gilissen is an award-winning Dutch private bank that has been offering its clients personalized, independent advice for 135 years.

    Combining the two businesses, Insinger de Beaufort and Theodoor Gilissen will manage over €20 billion in assets – positioning the merged entity as one of the country’s strongest pure-play private banks, with nearly four centuries of collective Dutch heritage.

    Clients of the combined business will benefit from the boutique approach to which they are accustomed, accessed through a single point of expert contact.

    Headquartered in Amsterdam and operating in five other Dutch cities, the proposed merged entity will offer clients an even higher level of service, enhanced by the shared insight and deep local knowledge of two highly professional teams.

    Those clients will also have access to the products, services, expertise and reach of KBL epb, whose 2,200 staff serve in 50 cities in Europe.

    In addition to its Dutch operations, Insinger de Beaufort currently operates a branch in the UK, where its team of London-based relationship managers provides international wealth management services to a significant HNWI client base, representing nearly €1.9 billion in assets under management.

    Following closing of the transaction, those staff and clients will be integrated into the KBL epb network – representing an excellent opportunity to grow the group’s operations in the UK and, specifically, its activities in London.

    Yves Stein, Group CEO, KBL epb, 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.

    “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.”

    Peter Sieradzki, CEO, Insinger de Beaufort, said: “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.”
    Sieradzki 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. 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.”

    Tanja Nagel, CEO, Theodoor Gilissen, said: “While this announcement is a milestone in the history of Theodoor Gilissen, which will lead to an even higher level of service, our client-centric approach to wealth management will remain unwavering.”

    She continued: “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.”

    The terms of the acquisition – which is targeted to close in the second half of this year, subject to regulatory approval – were not disclosed.