BNP Paribas Private Bank and Insinger de Beaufort Holdings have concluded a strategic partnership to create an Anglo-Dutch wealth manager.
Headquartered in Amsterdam, the group will have branches in The Hague and Eindhoven for the Dutch private banking market plus asset management activities in London for the coverage of wealthy international clients.
François Debiesse, future chairman of the combined group’s supervisory board and current chief executive officer of BNP Paribas, said the partnership will enable the company to create a visible Anglo-Dutch wealth management specialist, backed by a global financial group.
“By combining our strengths and our highly complementary business models, I believe that we can build up a driving force in the buoyant Dutch domestic market and UK offshore market and further strengthen our competitive position in these markets,” he said.
Upon closing of the transaction, expected early 2009, the new group will manage over €10bn of client assets and will immediately be ranked among the top five players in the Dutch market. It will also be visible in the key international wealth management market in London.
BNP Paribas will become the majority shareholder, with Insinger de Beaufort continuing to hold the remaining capital of the combined group.
BNP Paribas will acquire a 35% interest in Insinger de Beaufort Holdings BV for €60m and, in parallel, will combine Nachenius Tjeenk, its Dutch activities and its London private banking arm with Insinger de Beaufort’s activities.
As a result, BNP Paribas will receive additional shares in the new combined group to reach a 60% to 65% ownership. Liquidity mechanisms are in place for 2015 to allow Insinger de Beaufort to sell its stake.
Cees Bijloos, chief executive officer of Nachenius Tjeenk, said: “The combination with Insinger de Beaufort will position us as a leading wealth management specialist in the Netherlands, at a time of great opportunity.”
The completion of the strategic partnership is subject to regulatory approvals.
Annuity market worth £4bn in 2017
For ‘distress’ caused
Oversees £30bn of advised and D2C assets
Less than a third of top paid employees are women
£1bn business since inception