The European private banking group has its eyes on more acquisitions on the continent.

KBL European Private Bankers, the Luxembourg-based firm that is owned by Qatar’s Al- Thani family, is looking to make a pair of acquisitions in Europe in addition to its purchase of UBS’s private bank in Belgium, Bloomberg has quoted the wealth manager as saying.

“My assumption today is that we will announce two transactions within a reasonable timeframe.” Yves Stein, chief executive officer of KBL European Private Bankers, told the news service. “We are rather confident that we will soon be back to the press with an announcement in this respect.”

Stein reportedly declined to provide details of potential acquisition targets.

If such deals go ahead it will represent a continuation of M&A activity in the European wealth management space, driven in some cases by firms seeking to shed sub-scale business, while others look to do the opposite, and build scale in particular markets. Earlier this month, Switzerland-listed Julius Baer agreed to acquire Commerzbank International SA Luxembourg, a private banking franchise with almost €3 billion ($4.29 billion) assets under management. In November, Switzerland-based Banque J Safra Sarasin agreed to acquire Bank Leumi’s Luxembourg private banking business for an undisclosed sum. The agreement covers qualifying clients and their relationship management teams serving ultra-high net worth and HNW clients. Meanwhile, M&A action involving Swiss banks has included the purchase by Banque SYZ of a Swiss subsidiary of Royal Bank of Canada.
KBL is a collection of affiliated private banking businesses owned by Precision Capital, the Luxembourg holding company representing the interests of the Al-Thani ruling family of Qatar.

Stein, who joined KBL in 2013 from Geneva-based asset and wealth manager Union Bancaire Privee, reportedly said he’s seeking further deals in countries including France, Germany and the UK after acquiring Hampton Dean financial planners in the U.K., and UBS’s private bank in Belgium.

KBL is seeking deals to become a top-five player in markets where it operates, with the “sweet spots” in wealth management being individuals with from €1 million to €5 million and families with at least €25 million, Stein said.