Dutch private bank Van Lanschot Kempen NV, previously known as Van Lanschot NV, has reached an agreement with UBS Group AG to acquire the Swiss lender's domestic wealth management activities in the Netherlands.
The deal covers the client relationships and employees of the wealth management activities of UBS Europe SE branch UBS Netherlands, as well as the products and services of the Dutch branch.
Van Lanschot Kempen will pay an initial price of €28 million for the acquisition, which is expected to complete in the third quarter. The final price may vary depending on the amount of AUM that will be transferred to the firm. At present, UBS Netherlands has roughly €2.6 billion in AUM.
After completion of the deal, Van Lanschot Kempen and UBS will then enter into a cooperation agreement as part of which UBS will provide its wealth management research, along with selected products and services, to the Dutch lender's clients.
Meanwhile, the Dutch firm also began a share buyback program in which it intends to repurchase up to 150,000 shares to finance its employee remuneration policy and share plan. The program is expected to cost a maximum of €3.6 million, based on the June 6 closing price of the shares.
The program was launched June 7 and will conclude on the day prior to the publication of the company's full-year 2017 financial results, or sooner if the maximum number of repurchased shares is reached before then.