Kredietbank Luxembourgeoise has bought Dutch private bank, Effectenbank Sroeve, from Rabobank. Terms of the deal were not disclosed. KBL...

Kredietbank Luxembourgeoise has bought Dutch private bank, Effectenbank Sroeve, from Rabobank. Terms of the deal were not disclosed. KBL said it plans to merge Effectenbank Stroeve with Theodoor Gilissen Bankiers, another Dutch private bank KBL owns. The merger will create the fifth largest private bank in the Netherlands. The bank said in a statement: “The objective of joining the forces of two leading players in private banking and investment advisory is to be able to offer a total banking concept to the upper segment of the private market in the Netherlands. “The strategy of KBL Group European Private Bankers is focused on developing a European private banking network composed of players that each have their own identity and a strong reputation, and that are embedded in their local markets.” The new bank will have total assets under management of around €7.5 billion ($9.7 billion).