KBL European Private Bankers, a network of private European bankers which is present in the UK via its affiliate Brown Shipley, is expanding its UK and Dutch operations with the acquisition of Insinger de Beaufort, a leading private bank in the Netherlands, from BNP Paribas Wealth Management.
The consideration was not disclosed and the deal is subject to regulatory approval.
KBL epb, which is based in Luxembourg, intends to merge Insinger de Beaufort with Theodoor Gilissen, which is also a member of the network.
Together Insinger de Beaufort and Theodoor Gilissen will manage over £15 billion in assets in the Netherlands – positioning the merged entity as one of the country’s strongest pure-play private banks.
Group CEO of KBL epb Yves Stein said: “We are delighted to announce the signing of this agreement, and look forward to welcoming the clients and staff of Insinger de Beaufort to our pan-European family. Today more than ever – following the group’s third acquisition in 18 months – we are delivering on our promise of sustained expansion.”
The deal follows last year’s acquisition of Hampton Dean, a chartered independent firm of financial planners based in Nottingham, by Brown Shipley.
CEO of Brown Shipley Ian Sackfield said: “Today’s announcement represents an excellent opportunity to grow our group’s operations in the UK and, specifically, the business in London.”