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Dutch Bank to Sell Private Banking Business to Degroof

Stephen Harris

14 December 2005

Van der Hoop Bankiers, an Amsterdam-based financial firm, said it plans to sell its private banking and asset management units to Bank Degroof, an independent private bank based in Brussels. Terms of the transaction were not disclosed. Van der Hoop announced the sale after talks to sell the entire business to Degroof broke down last week, according to a statement from the Amsterdam bank. Degroof has been active in the private banking acquisition market this year. In September the bank acquired Banque Nagelmackers 1747 (Luxembourg) from Delta Lloyd Bank. Degroof is one of only two independent private banks still left in Belgium, the other being Petercam Bank.