Following the completion of a due diligence phase after the memorandum of understanding, shareholders of Bank Degroof and Petercam have now signed a definitive agreement to finalise the merger.
With assets under management of over €50bn, the new entity is set to offer private banking, institutional asset management and investment services across Europe.
The Merger Agreement provides that the merger will be preceded by transactions in each group in order to align the shareholder base and the activities of the new group.
Bank Degroof will transfer – through a partial demerger – its long-term equity portfolio in a new entity called Degroof Equity. Inreturn, the family shareholders of Petercam will constitute a new company called Holding Petercam to which they will contribute their shares and acquire Petercam shares available for sale, bringing their stake in Petercam to approximately 70%.
Philippe Masset, chairman of the management board of Bank Degroof: “Bank Degroof Petercam will be distinguished by a unique positioning thanks to the complementarity of its three core activities. The strong family-run engagement and close relationships between shareholders, managers and clients will continue to ensure our accessibility.”
Xavier Van Campenhout, chairman of the management board of Petercam: “We have received many positive reactions from our clients since we announced our intention to merge. We look forward to receiving the approval from the authorities, so that we can increasingly deploy our expertise and combined service offering benefit to the benefit of our clients.”
Further information on the agreement can be found here.