After years of uncertainty under Chinese ownership, the acquisition of Nagelmackers by BPCE, the second-biggest banking group in France, clearly establishes the bank’s new direction and affiliation.
Nagelmackers, Belgium’s oldest bank, is set to be acquired by La Caisse d’Epargne Hauts de France, a regional bank under the umbrella of the French banking group BPCE.
The acquisition was officially announced in a press release issued by BPCE on Monday, following an initial report by the business newspaper De Tijd.
Benelux footprint
Founded in 1747, Nagelmackers presents an opportunity for Caisse d’Epargne Hauts de France to expand its footprint in the Benelux region. The French regional bank, operating north of Paris, has maintained a presence in Belgium for the past decade through a small branch that serves large Belgian corporations and property operators. Nagelmackers’ 50 branches and 400 employees now will come under the ownership of Caisse d’Epargne Hauts de France.
Laurent Roubin emphasized the importance of preserving Nagelmackers’ expertise, corporate culture, and brand, which have contributed to its longstanding success. Simultaneously, he aims to provide the bank with the necessary human, technical, and financial resources to accelerate its development, targeting significant growth for the institution, its customers, and employees.
According to De Tijd, Nagelmackers’ staff were informed on Monday that the bank would continue to operate as a separate entity, retaining its name and maintaining its independence.
No buyer found back in 2019
In 2019, Nagelmackers attracted interest from three investment funds and several major financial institutions, including Cerberus, AnaCap, ABN Amro, and Van Lanschot Kempen. At the time, the bank was on the market following a decision by its then-owner, the Chinese insurance company Dajia Insurance Group. Despite significant interest, no suitable buyer was found.
In a January 2023 interview with Investment Officer, board member Yves Van Laecke emphasized that Nagelmackers was not for sale, underscoring its strategic position as a small but stable player in the market.
Competitive pressures
The private banking and wealth management sector in Belgium faces increasing margin pressures due to heightened competition and more demanding clients. Wealthy families are becoming better informed and more cost-conscious, driving fierce competition and squeezing profit margins. Van Laecke noted that the professionalization within family offices and family wealth management is irreversible, and further market consolidation in Belgium remains uncertain.
Another Belgian bank in French hands
Nagelmackers’ acquisition marks the second recent instance of a Belgian bank coming under French ownership. Last August, France’s Crédit Agricole acquired a majority stake in Degroof Petercam, which manages 71 billion euro in assets. Belfius, another contender for Degroof Petercam, and Dutch ING both withdrew from the race before final bids were due.
Belfius was also reportedly interested in acquiring Nagelmackers, which manages 4.8 billion euro in assets and serves 110,000 private banking customers, according to De Tijd.