Kaupthing Bank Luxembourg S.A. acquires Robeco Bank Belgium
Kaupthing Bank Luxembourg S.A., a subsidiary of Kaupthing Bank hf.,
and Robeco Bank today announce that the two banks have signed an
agreement where Kaupthing Bank Luxembourg S.A. purchases Robeco Bank
Robeco Bank Belgium is a bank that was founded in 2002 and focuses
mainly on private banking and asset management services. The bank has
32 employees and is based in Brussels and in Antwerp. Robeco Bank
Belgium has 6.800 clients. At the end of August 2007 the part of
client's assets placed as deposits amounted to approx. EUR 300
George Möller, Chief Excecutive Officer of Robeco
"The Belgian market has evolved enormously over these last years with
most banks now operating an "open architecture". They are
increasingly incorporating the financial products of other specialist
banks -including Robeco-. This opening up enables us to focus on
third party distribution and on the institutional market in Belgium"
Magnus Gudmundsson, Managing Director of Kaupthing Bank Luxembourg
"Robeco Bank Belgium represents an excellent strategic fit for
Kaupthing Bank in terms of geographic diversification, products and
business culture. This acquisition is a logical step in building up
Private Banking offerings in the Benelux countries. By taking over
the activities of Robeco Bank Belgium we become immediately
operational in Belgium and will have a platform for further growth".
Stéfan Richter, General Manager of Robeco Belgium
"This move can only be beneficial for all our clients. First of all,
they will remain in contact with the same employees and secondly will
continue to have access to Robeco products. Thirdly, our integration
into Kaupthing Bank Luxembourg, which specializes in private banking,
will allow us to enhance our range of products and services in the
future", says Stéfan, who will act as future General Manager of
Kaupthing Bank Belgium.
Kaupthing group is one of the fastest growing banks in Northern
Europe. It has offices in all the Nordic countries, as well as in
the UK, New York, Geneva and Luxembourg. After the recent
acquisition of NIBC Bank it also has operation in the Netherlands,
Singapore, Frankfurt and Brussels. The banking group offers a full
range of investment banking services including Treasury, Brokerage,
Private Banking and Asset Management.
Kaupthing Bank Luxembourg S.A. has 240 employees and assets under
management of EUR 10.6 bn. Services include mainly Private Banking &
Wealth Management, Corporate and Investment Banking.
This transaction is subject to approval of the Luxembourgish and the
Belgian Financial Supervisory Authorities.
For further information please contact:
Jean-Francois Willems, Head of Corporate & Investment Banking,
Kaupthing Bank Luxembourg, tel +352 46 31 31 431
Daniel Jourde, PR Robeco Bank Belgium, tel + 32 475 35 02 56
Robeco, established in Rotterdam in 1929, offers investment products
and services to institutional and private investors worldwide. It has
EUR 142 billion in assets under management (at 31 December 2006).
The product range encompasses equity and fixed-income investments,
money-market and real-estate funds and alternative investments, such
as private equity, hedge funds and structured products. The various
strategies are managed from Rotterdam (head office), Paris, Boston
and New York.
To service institutional and third-party distribution clients, Robeco
has offices in Bahrain, Belgium, Germany, France, Japan, Luxembourg,
Poland, Spain, the United States and Switzerland. Robeco has a bank
license in Belgium, France and the Netherlands, where it can sell its
products straight to private clients.
Transtrend in Rotterdam, the Netherlands, and Harbor Capital Advisors
in Chicago, USA are part of the Robeco group. Furthermore, Robeco
holds interests in SAM Group (64%) in Zurich, Switzerland; Canara
Robeco Investment Management (49%) in Mumbai, India; and AIM (40%) in
Robeco is part of Rabobank Group, one of the few retail banks with
the highest credit ratings from Moody's and Standard & Poor's.
Furthermore, within the banking sector, Rabobank has the highest
sustainability cluster score, which is used to assess an
organization's people and environmental friendliness.
Robeco Corporate Communications
Office: +31 - 10 - 224 2241