GE Buys into Dutch Wealth Management Market

Tim Price

16 October 2006

GE Commercial Finance has bought into the private banking business in the Netherlands via the purchase of Banque Artesia Nederland from Franco-Belgian banking and finance group Dexia. Among the products BAN offers are private banking and wealth management services. It made a profit of €28.4 million last year. The price was not disclosed but following the sale, Dexia will report a capital gain of around €275 million ($344 million). It became clear that BAN was for sale in May 2006, when Dexia announced that it was “exploring various possibilities regarding the development” of the subsidiary.