HSBC is to sell its Belgian private bank HSBC Dewaay to Kredietbank SA Luxembourgeoise having agreed a deal that will see 100% of the assets change hands.
HSBC’s unit CCF signed the agreement for Kredietbank SA Luxembourgeoise (KBL) to acquire all of the capital of HSBC Dewaay, a wholly-owned subsidiary of the CCF Group. Financial details of the sale were not disclosed.
HSBC Dewaay is a private bank operating in the Belgian and Luxembourg markets, offering personalized financial services to affluent families. At the end of 2004 HSBC Dewaay had over E2.5 billion in assets under management, including nearly 80% under discretionary management, and gross assets of E40.7 million.
KBL is a subsidiary of KBC Group NV, one of the leading financial groups in Europe. The Dewaay purchase will synergize with KBC’s existing focus on multi-channel bancassurance in Belgium and Central Europe. Besides focusing on providing retail and private bancassurance services, KBC Group is also active in asset management, the provision of corporate services, market activities and private equity.