Belgium's Delen Private Bank to buy smaller rival Dierickx Leys (updated)
16/07/2024 18:16
*
Delen has about 59 bln euros of assets under management
*
Dierickx Leys has 3 bln euros in client assets
(Adds context from paragraph 1)
By Sudip Kar-Gupta
BRUSSELS, July 16 (Reuters) - Belgium's Delen Private
Bank has agreed to buy smaller rival Dierickx Leys Private Bank,
the companies said on Tuesday, as consolidation gathers pace in
an increasingly competitive market for smaller financial
companies.
Financial details of the takeover were not disclosed, but
Delen Private Bank - in which Belgian holding company Ackermans
& Van Haren is a shareholder - has 58.6 billion euros ($63.76
billion) of assets under management while Dierickx Leys has 3
billion euros of client assets under management.
Belgium's smaller private banks have long been seen as rich
pickings for larger rivals, with many often holding large cash
reserves.
Last year French bank Credit Agricole bought Belgian wealth
manager Degroof Petercam and last May ABN Amro ABNd.AS agreed
to buy German private bank Hauck Aufhäuser Lampe (HAL) as bigger
European lenders bulk up their wealth management and private
banking operations.
($1 = 0.9191 euros)
(Reporting by Sudip Kar-Gupta
Editing by David Goodman)
((sudip.kargupta@thomsonreuters.com;))