Luxembourg's is setto acquire a Dutch private bank from BNP Paribas SA's wealth management arm and merge thebusiness with an existing Dutch unit to create an entity managing over €20billion in assets.
Under the preliminary agreementannounced April 12, KBL will acquire Amsterdam-based from BNPParibas Wealth Management, pending approvals from relevant regulatoryauthorities and additional stakeholders in the Netherlands.The deal terms were not disclosed.
KBL said it plans to merge Insinger de Beaufort with unitTheodoor Gilissen BankiersNV, which is also headquartered in Amsterdam. Insinger de Beaufortalso has a branch in the U.K., which manages nearly €1.9 billion of assets.
The combined entity will be headquartered in Amsterdam withoperations in five other Dutch cities. Upon deal completion, slated for thesecond half, the staff and clients of the acquired business will be integratedinto KBL's operations.
Luxembourg-based IdB Holdings SA said the same day that it agreed to sellunit IdB Finance Sàrl's 36.98% stake in Bank Insinger de Beaufort to BNPParibas Wealth Management for an estimated total consideration of €61 million.The sale will give BNP Paribas Wealth Management a 100% stake in Insinger deBeaufort ahead of the sale to KBL.
The closing of the sale by IdB Holdings is subject to thesimultaneous closing of the KBL sale, as well as regulatory approvals.