Private Banks

ING Luxembourg has signed a referral agreement with Post Luxembourg to provide an alternative for its 4,500 business banking clients as the Dutch lender accelerates its exit from services for local SMEs, self-employed professionals and entrepreneurs.

Degroof Petercam sees many new opportunities for international cooperation following its takeover by the French Indosuez, said CEO Sylvie Huret in an interview with Investment Officer. Not only within Indosuez, but in the wider ecosystem of parent group Crédit Agricole, which also includes fund giant Amundi.

Frédéric Degembe, Chief Investment Officer of ING Belgium, is enthusiastic about the unified Investment Centre announced by parent group ING. “It’s a growth story in which Brussels can play a key role,” he said.

ING Luxembourg has put hard numbers on the human cost of its strategic retreat into private and wholesale banking. Up to 124 jobs are set to go.

ING has brought all its investment expertise together in a newly established Global Investment Centre, effective 1 September. The unit is headed by Chris van Schuppen, who until this summer held senior roles at ABN Amro.

Since 8 August, Belgian taxpayers have been able to declare untaxed income and assets through a new procedure for fiscal regularisation

ABN Amro is set to personalize wealth management for private banking clients. Starting in October, clients with managed portfolios will allocate 10 percent of their portfolio to at least three self-selected themes. To achieve this, the bank invests in structured products, ensuring that a client cannot lose more than 5 percent of their investment per theme.

Delen Private Bank is exploring plans to establish a permanent presence in Zurich. This would be its second Swiss base, after Geneva.

Paris-based platform to distribute private market investments via Belgian private banks and family offices. The Paris-based platform Private Corner is making its first move outside of France, aiming to sell private market investments to wealthy Belgian investors through the distribution networks of private banks and family offices.

Degroof Petercam, once a pillar of Belgian finance, has now been fully absorbed into the Indosuez group in Luxembourg, marking the end of its independent operations in the Grand Duchy.