* Merger with Nachenius Tjeenk creating the 5th player on the Dutch market
Following the approvals from the regulatory authorities, BNP Paribas Wealth Management acquired a majority stake in Bank Insinger de Beaufort. Nachenius Tjeenk & Co and Bank Insinger de Beaufort have now been merged to create a new driving force in the Dutch domestic wealth management market.
The new combined bank is operating, since May 2009, under the single name Insinger de Beaufort and will rank among the five largest wealth managers in the Netherlands. With the financial backing and offering expertise of BNP Paribas Wealth Management, its clientele of wealthy individuals, financial intermediaries and institutional clients will benefit from an expanded spectrum of products & services opportunities, while keeping the personal approach and exclusiveness of a long-standing Dutch bank.
The new group is headquartered in the former Insinger de Beaufort premises in Amsterdam and will be active in the domestic market from its offices in The Hague and Eindhoven and internationally from its offices in Amsterdam, London and in Cape Town. Following the merger of the international wealth management activities of Bank Insinger de Beaufort and BNP Paribas Wealth Management in London scheduled in the second half of 2009, Insinger de Beaufort will manage over Euro 10 bn of assets and employ more than 200 staff.
Francois Debiesse, chief executive officer of BNP Paribas Wealth Management commented: We are delighted to welcome Insinger de Beaufort within our global organisation. As the leading private bank in the euro zone following the recent acquisition of Fortis Bank, BNP Paribas Wealth Management needed a strong presence and visibility in the Netherlands and the strategic partnership with Insinger de Beaufort gives us just that.
Peter Sieradzki, chief executive officer of Insinger de Beaufort, added: With our new dimension and the backing of such a strong shareholder as BNP Paribas, Insinger de Beaufort is now perfectly positioned in the Dutch market. Our clients now have access to a unique value proposition, combining the financial soundness and global capacities of BNP Paribas with the distinctive personal approach of a local bank.
About Insinger de Beaufort
Insinger de Beaufort (www.insinger.com) is an Anglo Dutch banking group with origins dating back to 1779. In April 2009 Insinger de Beaufort entered into a strategic alliance with BNP Paribas. This alliance involving Insinger de Beaufort, Nachenius Tjeenk and the UK-activities of BNP Paribas Wealth Management resulted in a leading player in the Dutch wealth management sector and represents Assets under Management of Euro 10 billion. Besides the main office in Amsterdam, Insinger de Beaufort also has offices in Eindhoven, The Hague, London and Cape Town. Insinger de Beaufort employs over 200 people.
Insinger de Beaufort offers its private clients a broad range of wealth management products and services. The offering to institutional clients includes asset management, asset consulting as well as alternative investment products. Next to one on one relationships with private clients, institutionals and foundations, Insinger de Beaufort also works with a large network of independent financial advisors.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is a European leader in global banking and financial services and is one of the 6 strongest banks in the world according to Standard & Poor's. The group is present in 85 countries, with more than 173,000 employees, including 132.700 in Europe. The group holds key positions in three major activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. Present throughout Europe in all of its business lines, the bank's two domestic markets in retail banking are France and Italy. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
BNP Paribas is active in the Netherlands since 1863, and is one of the largest non-Dutch banks in the Netherlands in terms of assets. BNP Paribas in the Netherlands employs over 1,000 people.
BNP Paribas is working with 9 of the 10 biggest Dutch companies and is a recognized financial partner of around 200 Dutch (multinational) companies and institutional investors, especially for all cross-borders transactions, Corporate Finance and International Capital Markets.
The Group offers its clients a diverse range of banking services like Corporate & Investment banking, Investment Solutions, Securities Services and trust activities. Next to its core business BNP Paribas offers financial services and products to its clients through subsidiaries: Equipment Solutions (Arval), BNP Paribas Leasegroup, BNP Paribas Personal Finance (mortgages, loyalty- and credit cards), Cardif (Insurance), Insinger de Beaufort (Wealth Management), LaSer Nederland (consumer credit and loyalty cards), and TEB (specialized banking).