European private banking group expands UK presence with acquisition from BNP Paribas
A pan-European private banking group has announced an acquisition from BNP Paribas to expand in the UK.
KBL European Private Bankers has reached a preliminary agreement to buy Insinger de Beaufort, a private bank in the Netherlands that is also active in the UK.
KBL already owns private bank Brown Shipley, which is based in the UK.
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Insinger de Beaufort's London-based team, which will be integrated into the KBL operation, represents £1.5bn in assets under management (AUM).
Brown Shipley has more than 300 staff, operating from six UK offices and managing £4.4bn in assets.
Its chief executive 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.”
Brown Shipley last year acquired Hampton Dean, a chartered firm of financial planners based in Nottingham.
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KBL also intends to merge Insinger de Deaufort with Theodoor Gilissen in Amsterdam. Together, they will manage £15bn in assets in the Netherlands.
Yves Stein, group chief executive of KBL, said: "Today more than ever – following the group’s third acquisition in 18 months – we are delivering on our promise of sustained expansion."
He added: “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."