ABN AMRO and BNP Paribas announced today that they have entered into an agreement whereby BNP Paribas Private Bank will acquire Nachenius, Tjeenk & Co. N.V., an exclusive Dutch private bank from ABN AMRO. Nachenius, Tjeenk & Co manages over EUR 1.3 billion on behalf of high net worth individuals, associations and foundations.
Its history dates back to 1790. The bank employs around 60 people. The transaction is subject to the usual completion conditions and the approval of the relevant regulatory bodies. It is expected to be finalized at the very beginning of the second half of 2005.
With this acquisition, BNP Paribas Private Bank expands its activities to the Netherlands.
Alain Papiasse, Head of BNP Paribas' Asset Management & Services Core business, stated “Nachenius, Tjeenk & Co is the solid and high-quality platform we were looking for to enter the Dutch private banking market”. François Debiesse, Head of BNP Paribas Private Bank, added: “We are very pleased about this acquisition which completes our presence in the most attractive European onshore markets”.
Cees Bijloos, Managing Director of Nachenius, Tjeenk & Co: “We are delighted with this transaction. We are convinced that BNP Paribas is the right partner to effectively serve our clients and expand our business thanks to a broadened array of products and services. Our teams are looking forward to work closely with BNP Paribas in the future. Our combination with BNP Paribas will result in a very attractive opportunity for our clients and additional career perspectives for our employees”.
The decision to sell Nachenius, Tjeenk & Co is in accordance with ABN AMRO Private Banking's strategy to focus on core activities. Financial terms of the transaction will not be disclosed.
Note for the editors:ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 608.6 bln (as at 31 December 2004). It has over 3,000 branches in more than 60 countries and territories, and has a staff of about 100,000 full-time equivalents worldwide. ABN AMRO is listed on the Euronext and New York stock exchanges.
ABN AMRO operates through three Strategic Business Units, each responsible for managing a distinct client segment. Wholesale Clients provides integrated corporate and investment banking services to corporate, institutional and public sector clients worldwide. Consumer & Commercial Clients focuses on retail and SME clients in three home markets – the Netherlands, the US Midwest and Brazil and in a number of selected growth markets. Private Clients & Asset Management provides private banking services to wealthy clients and investment products to financial intermediaries and institutional clients.
ABN AMRO Business Unit Private Clients provides private banking services to wealthy individuals and families. ABN AMRO is a leading player in private banking in the Netherlands and France, and has strong positions in Germany, Switzerland, Luxembourg, Miami and Asia. ABN AMRO Private Clients is among the top 10 providers of private banking services worldwide, with EUR 115 bln assets under administration (as at 31 December 2004).BNP Paribas
BNP Paribas (www.bnpparibas.com
) is a leading global financial services group, with solid roots in Europe and significant positions in Asia and the Americas. It is the first banking group in the Euro zone in terms of net income. The group has one of the largest international banking networks with a presence in 85 countries and close to 100 000 employees.
In the Netherlands, BNP Paribas is one of the most important non-Dutch banks offering the full range of corporate and investment banking products, securities services and asset management thereby presenting an extensive expertise to all of its Dutch corporates. In addition to these general banking services, BNP Paribas offers the following financial services in the Netherlands through its subsidiaries; Vehicle Leasing (Arval), Real Estate (Atisreal), Lease Services (BNPP Lease group), Insurance (Cardif), & Mortgages (UCB).
BNP Paribas Private Bank (privatebank.bnpparibas.com
), the private banking arm of BNP Paribas is the undisputed leader in France and ranks in the 4th position in Europe. It occupies first-tier positions in all major international private banking centers globally. BNP Paribas Private Bank manages over EUR 100 billion on behalf of its clientele.
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