The Luxembourg-based wealth manager KBL European Private Bankers SA, owned by Qatar’s Al-Thani family has agreed to acquire Amsterdam-based Insinger de Beaufort from BNP Paribas SA and other shareholders. KBL said it plans to combine its Theodoor Gilissen business with Insinger de Beaufort to create a Dutch private bank managing more than 20 billion euros ($ 22.9 billion) for clients. BNP Paribas will buy IDB Holdings SA’s 37% stake in Insinger de Beaufort for about 61 million euros and then sell the entire firm to KBL. KBL CEO Yves Stein said to a news agency that the bank has to be sustainably compliant and sustainably profitable, hopefully growing, and that calls for an ever-increasing critical mass.
