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Europe's Delta Lloyd Sells Private Banking Business To Dutch Firm
Tom Burroughes
14 July 2010
Dutch-Belgian financial services group Delta Lloyd has said it has sold its private banking activities to Dutch Bank ten Cate & Cie, for an undisclosed sum. The sale is part of a move by Delta Lloyd to focus more on the Dutch retail market, particularly savings and mortgages. “The deciding factor in the choice of Bank ten Cate & Cie was the bank's investment style and professionalism. Bank ten Cate & Cie actually employs the same conditions for asset management as Delta Lloyd Bank,” the firm said in a statement earlier this week. The securities are held in custody separately from the banking business at Stichting Bank ten Cate & Cie Global Custody. Clients will retain their personal account managers, who will join Bank ten Cate & Cie, the statement said. Bank ten Cate & Cie was founded in 1881. Delta Lloyd Bank is a provider of financial products and services in the Netherlands and Belgium.