KBL epb expands Belgian footprint with acquisition of UBS Belgium

fr en

Puilaetco Dewaay, member of KBL European Private Bankers, to become top three pure-play private bank in Belgium. Combined Belgian business AuMs to rise to over €10 billion. KBL epb actively reviewing further acquisition opportunities in core markets

<< Back
  • Yves Stein - KBL epb

    Yves Stein, Group CEO, KBL epb

At a time when the private banking industry is consolidating, we are extremely pleased to be able to expand our presence in Belgium – further enhancing the already very positive outlook for our business and our people, and offering a range of new benefits for the clients of Puilaetco Dewaay

Yves Stein, Group CEO, KBL epb

KBL European Private Bankers (KBL epb), headquartered in Luxembourg and operating in nearly 50 cities in Europe, announced today that its Belgian affiliate, Puilaetco Dewaay Private Bankers, has entered into an agreement with UBS, a leading global wealth manager, to acquire its Belgian operations.

The acquired business manages over €3 billion in assets, counts roughly 2,500 clients and employs 60 staff, including 20 private bankers. Combining the two Belgian businesses, Puilaetco Dewaay – which was founded in 1868 and operates in eight cities in Belgium – will manage more than €10 billion in assets and serve nearly 10,000 clients.

The acquisition – which encompasses the transfer of the staff, client relationships and client assets of UBS Belgium, a branch of UBS (Luxembourg) – adds substantial scale to Puilaetco Dewaay, strengthening its domestic franchise and positioning it as a top three pure-play private bank in Belgium.

Operating under the brand name “Puilaetco Dewaay Private Bankers,” the combined business will provide access to enhanced advisory and discretionary services – as well as the shared expertise and know-how of two world-class teams – while continuing to focus on providing long-term, personalized wealth management services and open-architecture investment solutions for its HNWI clients.

Clients of the combined business will further benefit from access to the products, services, expertise and reach of KBL epb, whose long-term development strategy targets organic, semi-organic and external growth.

“The signing of this agreement underlines our commitment to becoming the leading European private banking group with its decision center in Luxembourg,” said Yves Stein, Group CEO, KBL epb. “At a time when the private banking industry is consolidating, we are extremely pleased to be able to expand our presence in Belgium – further enhancing the already very positive outlook for our business and our people, and offering a range of new benefits for the clients of Puilaetco Dewaay.”

“With the full support of our shareholder,” he said, “KBL epb continues to actively review additional acquisition opportunities in our core markets and will seize them when conditions are right.”

“Today’s announcement is a landmark in the nearly 150-year history of Puilaetco Dewaay,” said Thierry Smets, CEO, Puilaetco Dewaay Private Bankers. “Building upon our strong recent growth, this transaction represents an outstanding opportunity, in a highly competitive environment, to rapidly expand our team, meet increased demand and lay the foundation for accelerated future growth.

“Most importantly,” he said, “through the combined business, we will better serve our clients, whose deep, individual relationships with our private bankers will prove even more enriching over time.”

René Mottas, Head of Wealth Management Benelux, UBS, said: “The choice of Puilaetco Dewaay is based on our conviction that the philosophy of the two firms is very similar: to advise and help clients protect and grow their wealth over the long term, as a trusted independent partner. We are pleased to have identified a leading wealth manager in Europe as a strong and reliable new partner for our loyal clients in Belgium.” 

The terms of the transaction were not disclosed.

The acquisition is subject to regulatory approvals and is expected to close in the first half of 2015.

Back to top  | << Back

Communiqués liés

LXECV 01
17/04/2019

Cargolux - Beluga flight faces delay

The decision has been made to postpone the relocation flight of two beluga whale...

Cargolux
Photo arcus BGL BNP Paribas
16/04/2019

BGL BNP Paribas soutient les Centres d’Accueil pour Enfant...

Remise de deux chèques pour une valeur totale de 10.000 euros

BGL BNP Paribas
02 andy-bowyer Kleos-space
15/04/2019

Kleos Space réalise une étape majeure vers sa commercialis...

Kleos Space S.A. (ASX : KSS, Francfort : KS1), fournisseur de données de reconn...

KLEOS Space s.à r.l.
DACHSER-Interlocking
15/04/2019

Dachser - Une croissance bien proportionnée

Le prestataire de services logistiques règle sa croissance sur 5,5 % ; les exp...

Dachser
p7882134 3359125325 5
12/04/2019 Evènements

2019 marque le 30ème anniversaire d'Accenture au Luxembourg

Une célébration de l'innovation Luxembourgeoise

Accenture
LOGO selectlux web-500-0-75

RECRUTEMENT RH - Xpertize.lu et iStorm.lu deviennent Select ...

L'année 2018 a été une année importante pour les sociétés de recrutement X...

Select Luxembourg

Il n'y a aucun résultat pour votre recherche

We use cookies to ensure the best experience on our website. By accepting you agree the use of cookies. OK Learn more