Dutch bank ABN Amro has agreed to acquire Belgium-based Bank Corluy from its current shareholders, the founding Corluy family and Mercator Verzekeringen.
The acquisition of Bank Corluy successfully advances ABM Amro’s specific strategic goal of expanding its private banking presence in Belgium. In addition to a solid operating platform, Bank Corluy will provide ABN Amro with complementary local product capabilities and an attractive client franchise.
Marc Corluy, chairman of the managing board of Bank Corluy, will join the supervisory board of the combined private banking entity, ABN Amro Private Banking Belgium. Luc Corluy, managing director of the bank, will continue to be a member of the managing board as COO. The board will be chaired by Koen Iserbyt, head of ABN Amro Private Banking Belgium.
We’re pleased to welcome the clients and staff of Bank Corluy to our group, said Paul Lembrechts, managing director ABN Amro European Growth Markets. This acquisition will strengthen our Belgian market position and the quality and expertise of our local services.
The transaction is expected to be completed in the second quarter of 2005. Financial details of the transaction will not be disclosed.