Deutsche Bank Sells Dutch Private Banking Business to Theodoor

Contributing Editor

8 September 2005

Theodoor Gilissen Bankiers, the Dutch private banking business of KBC, said it has agreed to acquire the Dutch private banking operations of Deutsche Bank. Terms of the deal were not disclosed. TGB will acquire €600 million ($745.6 million) in managed assets and eight staff. "This strengthening of Theodoor Gilissen Bankiers is a further confirmation – following our acquisition of Effectenbank Stroeve last April – of our wish to build a Dutch private bank capable of competing on equal terms as regards both competence and size with the most important players in the Dutch market,” said Etienne Verwilghen, president of KBL European Private Bankers and managing director of the KBC Group. After this takeover and the planned merger with Effectenbank Stroeve, Theodoor Gilissen will manage assets totalling €8.5 billion. The deal represents the second acquisition of private banking assets by KBC in as many months. In July the group bought HSBC’s private banking subsidiary in Belgium and Luxembourg, HSBC Dewaay.