Crédit Agricole Luxembourg, a private banking subsidiary of French-listed Crédit Agricole, is to acquire a majority shareholding in Dresdner Van Moer Courtens, a Belgian brokerage specialising in private banking.

The agreement, which remains subject to regulatory approval, will see Crédit Agricole Luxembourg’s subsidiary CAGP Belgium merged with DVMC. The new entity will be known as Crédit Agricole Van Moer Courtens and will be “the development hub for Crédit Agricole’s private banking business in Belgium”, the banking group said in a statement.

Crédit Agricole said the move confirmed its ambitions for Belgium’s private banking market.

Managers from both businesses, including Damien Courtens and Frank Bruynseels from DVMC, will work together to handle the merger.