UK private bank Brown Shipley has changed ownership following the sale of its parent, KBL European Bankers, to Precision Capital.

Brown Shipley, the UK private bank, is under new ownership following the finalisation today of the sale of its parent KBL European Private Bankers.

Luxembourg-based Precision Capital paid KBC Group around €1 billion ($1.2 billion) for a 99.9 per cent interest in KBL European Private Bankers – a European network of local private banking businesses of which Brown Shipley is the UK arm.

Precision Capital “represents the interests of a group of prominent Qatari private investors”, a statement on the deal said. The acquisition opens up major growth perspectives for the company, both in its European markets and in Asia and the Middle East, it continued.

Following the acquisition, Precision Capital will help KBL European Private Bankers implement a large-scale recruitment campaign to support the firm’s organic growth. However, Precision Capital additionally said it is ready to seize strategic opportunities for external growth in Europe, while also leveraging its links to the Middle East to help the private banking network expand into that region.