Dutch private bank Van Lanschot has reached an agreement with insurance company Achmea to acquire private banking activities of Staalbankiers.
Founded by Machiel Staal in 1916, Staalbankiers is a private bank with offices in The Hague, Oosterbeek and Zwolle. It became part of Achmea in 1994.
As per the agreement, Van Lanschot will also acquire around €1.7bn in assets under management, around €280m in savings and a limited number of securities based loans.
Additionally, a total of 25 private bankers and investment experts of Staalbankiers will move to Van Lanschot.
However, the deal does not involve the other activities of Staalbankiers, which include a portfolio of approximately €250m in mortgages and 35 employees.
Van Lanschot will pay an initial acquisition price of €16m for the activities to be acquired.
“The final price may be higher or lower depending on the AuM amount that will actually transfer to Van Lanschot,” the acquiring company said in a statement.
Van Lanschot Executive Board member responsible for private banking Richard Bruens said: “We’re delighted with this acquisition, which enables us to expand our assets under management and serve even more clients with our innovative concepts for wealth planning, wealth management and advice.
“Staalbankiers enjoys strong positions in its market segments. Its specialists support wealthy private individuals, entrepreneurs, professionals and institutions such as charitable organisations, which are a close fit with our client groups. Van Lanschot has what it takes to help these clients to preserve and create wealth, and is very happy to welcome them aboard.”
Willem van Duin, chairman of the Achmea Executive Board: “The sale ties in with our strategy to focus on our insurance activities. Staalbankiers’ private banking activities are a logical and natural fit with Van Lanschot, where private banking is a core activity.”
Van Lanschot, Achmea and Staalbankiers intend to wrap up the deal in the fourth quarter of 2016.