09 November 2017
KBL European Private Bankers (KBL epb) announced today that its wholly owned Dutch private banking unit, InsingerGilissen, has signed an agreement to acquire the domestic Dutch private banking business of Lombard Odier.
This acquisition – which remains subject to approval by the relevant regulatory authorities and works council advice – will further accelerate the growth of InsingerGilissen. Today, KBL epb’s Dutch private bank employs 325 staff and manages €25 billion in total assets.
Upon closing of the transaction, which is expected to take place in mid-2018, Lombard Odier’s 12 Amsterdam-based staff will join InsingerGilissen, increasing total assets under management by €1 billion.
Commenting on KBL epb’s fifth acquisition in the past three years, Group CEO Yves Stein said: “Scale is critical to the success of today’s private banks, which must adopt new technology, adapt to new regulations and have sufficient resources to meet the evolving needs of each individual client they serve.
“InsingerGilissen is already powerfully positioned – and will soon be able to draw upon additional expert staff, extending its deeply personalized approach to an even larger client base. We are therefore delighted to announce this investment in the future of our Dutch private bank.”
Peter Sieradzki, CEO of InsingerGilissen, said: “The proposed transaction is in line with our strategy to strengthen and deepen our position as a leading Dutch private bank. At InsingerGilissen, our enduring priority is to provide personalized, high-quality service to every client, every step of the way.”
Henry Fischel-Bock, Head of Lombard Odier’s European private banking business, said: “We are convinced that this decision is in the best interest of our clients and our colleagues. They will have the opportunity to join an established, sizeable and growing private banking franchise for whom the Netherlands is a core strategic market.”
Fischel-Bock emphasized that this decision does not affect Lombard Odier’s presence in its other European private banking markets, where it has built a strong franchise and a significant group presence. He added: “This transaction will have no impact on Lombard Odier Investment Managers’ longstanding presence in and commitment to the Netherlands, which will remain unchanged going forward.”
For its part, InsingerGilissen was born from the merger of KBL epb-owned Theodoor Gilissen and Insinger de Beaufort, with the latter acquired by the Luxembourg-headquartered group in 2016. With nearly four centuries of collective heritage in the Netherlands, InsingerGilissen is one of the country’s strongest pure-play private banks.