Private banks Puilaetco and Dewaay are to merge. The newly merged bank will be known as Puilaetco Dewaay Private Bankers. The merger betw...

Private banks Puilaetco and Dewaay are to merge. The newly merged bank will be known as Puilaetco Dewaay Private Bankers. The merger between Dewaay and Puilaetco will allow the KBL European Private Bankers' network to achieve substantial critical mass in Belgium. The two subsidiaries together have more than €6.5 billion ($7.7 billion) in client assets under management, according to a statement from KBL. The registered office of the merged bank will be located in the Herrmann-Debroux Avenue in Brussels, where the registered office of Puilaetco is currently situated. The bank will have branches in Liège, Antwerp, Gent and Knokke. A new executive committee, presided over by Jacques Peters, has been appointed to head the merged bank. “The merger of these two entities will be facilitated to a large extent by the similarity of their corporate cultures, their common approach to customer service and the transparent strategy of the group,” according to the statement. Deeway was bought by the KBL Group from HSBC in July. Dewaay has around 140 staff and has offices in Brussels, Antwerp and Knokke in Belgium, and has a subsidiary in Luxembourg. It manages around €2.5 billion in client assets.