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Belgian Private Bank Buys into French Wealth Manager
Nick Parmee
30 May 2008
Belgium-based Bank Degroof has taken a stake of 50 per cent in Aforge Finance, while the shareholders-founders of that group acquire a stake in Bank Degroof. As a result Bank Degroof will be represented on the board of directors of Aforge and vice versa. The operation also makes the capital of Aforge Finance available to its executives. At Bank Degroof executives and directors have nearly 60 per cent of the share capital. The transaction must still be approved by the French regulator.
The two institutions want to offer clients a complete and integrated service. They will also respond to international development, especially in the