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Belgium Private Bank Buys Luxembourg Private Bank
Bank Degroof has acquired Banque Nagelmackers 1747 (Luxembourg) from Delta Lloyd Bank. Terms of the deal were not disclosed. Banque Nagelma...
Bank Degroof has acquired Banque Nagelmackers 1747 (Luxembourg) from Delta Lloyd Bank. Terms of the deal were not disclosed. Banque Nagelmackers will be merged with Bank Degroof’s Luxembourg subsidiary, Banque Degroof Luxembourg.
Bank Degroof said in a statement: “This acquisition falls under the bank’s strategy of making acquisitions both in Belgium and in other countries such as Luxembourg, France, Spain, the Netherlands and Switzerland.”
Banque Degroof Luxembourg currently employs 240 people, whereas Banque Nagelmackers Luxembourg employs just 15 people.
Bank Nagelmackers, a private banking business based in Belgium, was bought by Delta Lloyd earlier this year. Since then the bank has been merged into Delta Lloyds private banking business.
Bank Degroof is one of only two independent private banks still left in Belgium, the other being Petercam Bank.
