Swiss-based Private Bank Acquires Subsidiary

Contributing Editor

25 April 2006

Banque Degroof (Switzerland) has acquired the Swiss business of Belgian investment management firm Bearbull from its own Luxembourg-based subsidiary, Banque Degroof, according to reports in the Swiss press. The move by Degroof is been seen as an attempt to beef up its business in Switzerland; after the acquisition, which took place at the end of last year, the new group will be known as Bearbull Degroof Banque Privee. Degroof, which is one of only two independent private banks in Belgium, the other being Petercam Bank, has been active in the acquisition market for some time. Last September the bank acquired Banque Nagelmackers 1747 (Luxembourg) from Delta Lloyd Bank. The bank also bought the private banking business of the now deceased Van der Hoop Bank late last year.