KBL European Private Bankers, the Luxembourg-based wealth management group owned by Qatar’s Al-Thani family, is to acquire Insinger de Beaufort from BNP Paribas and other shareholders, it has been announced.
KBL EPB said that it’s expanding its Dutch footprint, with plans to combine its Theodoor Gilissen business with that of Insinger de Beaufort – one of the Netherlands’ oldest private banks – to create a new Dutch private bank, managing more than €20bn (US$22.9bn).
Amsterdam-based Insinger de Beaufort traces its roots back to 1779. It is the third recent acquisition by KBL, following transactions in Belgium and UK over past 18 months.
The acquisition is aiming for completion in the second half of this year, and remains subject to approval by the relevant regulatory authorities and additional stakeholders, according to a statement announcing the deal. The new operation will remain headquartered in Amsterdam, and operating in five other Dutch cities, the announcement said.
‘Deliver on promise’
The KBL European Private Bankers group is actually a collection of affiliated private banking businesses owned by the Al-Thani family’s Precision Capital. Other brands included under the KBL umbrella include the UK’s Brown Shipley and Belgium’s Puilaetco Dewaay.
Founded in 1949, the KBL group operates in 50 cities across Europe and employs more than 2,200 staff.
Yves Stein, who heads up the group as group chief executive officer, said the acquisition would help it to “deliver on our promise of sustained expansion”, in line with its long-term development strategy targeting “organic, semi-organic and external growth”.
Currently, Insinger de Beaufort’s team of London-based relationship managers provides international wealth management services to a significant HNWI client base, representing some £1.5bn in assets under management. Following closing of the deal unveiled today, its staff and clients will be integrated into the KBL network.
Ian Sackfield, chief executive officer of Brown Shipley, noted that the acquisition of Insinger de Beaufort by his company’s parent represented “an excellent opportunity to grow our group’s operations in the UK and, specifically, the business in London”.