The FINANCIAL — Following the approvals from the regulatory authorities, BNP Paribas Wealth Management acquired a majority stake in Bank Insinger de Beaufort. Nachenius Tjeenk & Co and Bank Insinger de Beaufort have now been merged to create a new driving force in the Dutch domestic wealth management market.
"The new combined bank is operating, since May 2009, under the single name Insinger de Beaufort and will rank among the five largest wealth managers in the Netherlands. With the financial backing and offering expertise of BNP Paribas Wealth Management, its clientele of wealthy individuals, financial intermediaries and institutional clients will benefit from an expanded spectrum of products & services opportunities, while keeping the personal approach and exclusiveness of a long-standing Dutch bank," BNP Paribas says.
The new group is headquartered in the former Insinger de Beaufort premises in Amsterdam and will be active in the domestic market from its offices in The Hague and Eindhoven and internationally from its offices in Amsterdam, London and in Cape Town. Following the merger of the international wealth management activities of Bank Insinger de Beaufort and BNP Paribas Wealth Management in London scheduled in the second half of 2009, Insinger de Beaufort will manage over Euro 10 bn of assets and employ more than 200 staff.
Francois Debiesse, chief executive officer of BNP Paribas Wealth Management commented: We are delighted to welcome Insinger de Beaufort within our global organisation. As the leading private bank in the euro zone following the recent acquisition of Fortis Bank, BNP Paribas Wealth Management needed a strong presence and visibility in the Netherlands and the strategic partnership with Insinger de Beaufort gives us just that.
Peter Sieradzki, chief executive officer of Insinger de Beaufort, added: With our new dimension and the backing of such a strong shareholder as BNP Paribas, Insinger de Beaufort is now perfectly positioned in the Dutch market. Our clients now have access to a unique value proposition, combining the financial soundness and global capacities of BNP Paribas with the distinctive personal approach of a local bank.
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